Solution: I found two products on Teachers Pay Teachers and then added my own special twist.
1. The Words: I've always wanted to differentiate the word list but was not able to manage it. I found:
http://www.teacherspayteachers.com/Product/4th-Grade-Differentiated-Spelling-Lists-Year-Long-Unit-267173
I love these lists because there are three of them for each week. All three share the same sight words. The first couple weeks of school everyone does the same words and then looking at the scores students are placed in list A, B or C. All lists are based on the same spelling rule.
2. The homework: These monthly spelling menus are cute and give students flexiblity. The best part they are good for any list. You choose how many points you want to assign. They also have a Spelling City option too.
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ers.com/Product/Spelling-Contracts-Throughout-the-Year-797652
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I do grade the tests the same day, that's the only catch.
I hope you like my ideas!