My guess:
For a new invention, its basically a set of long term projects, so use the new long term project rules. At the end when you go to manufacture it, treat it like the new Acquire Activity and you start with a version at your crew's Tier. If you need more than that, pay the Coin cost to get a higher-Tier item.
For a modification of an existing item, I'm guessing it is:
First determine the target Tier, which is based on the Tier of the Item being modified...
‣ Requires Tier +1: Simple, useful modification
‣ Requires Tier +2: Significant modification
‣ Requires Tier +3: Arcane, spark-craft, or alchemical modification