Hello,
I add to the confusion a bit. I have used both LED and LCD. I much prefer the times even though the LED is similar in size to a standard DMD. I tried a LED in Tales of the Arabian nights and a Stern Star Trek and while it was bright I wound up pulling it and putting in a LCD in both. The LED seems a bit blurry and the LED can only display one size dots. I would defiantly agree the LED is a vast improvement over the standard DMD but the LCD has many different display options and in my Bally Williams games I much prefer the XL dots of the LCD over the single option in the LED. This is just my personal opinion.
As far as to which one to put it in that's tough both have great animations. I would say whichever one you play more. I bet once you install it in one it won't be long until you get another one for the other.
Good luck!