Quoted from epeabs:I prefer the LCD over the LED. But is is very subjective.
It really is; I personally prefer the vibrant colored dots you get from the LED display on these older titles and feel the washed out colors (by comparison) of the LCD display as well as most of the modes really don't approve the displays appearance.
If you really want to decide for yourself get both an LED and LCD display, build a custom wire harness and ribbon cable so you can install them both in the same machine to get real time graphics on both displays while you play.
In the video below, the top display is a ColorLED and the lower display is a ColorLCD set to Large Dots.
https://drive.google.com/file/d/1TxcL19w5B5pTPhWWjX3OIj1VY0GFL82E/view?usp=sharing
EDIT: The only thing I miss about the LCD display is that it provided a 4 pin passthrough header for making other connections that need +5 or +12V. I'm actually disappointed in ColorDMD that they didn't provide this passthrough on the LED versions as for all practical purposes, its a $0.00 cost option to add.