For a novice EFI Tuner, I can certainly understand the challenges reaching a decision.
Many gearhead-efi members started their tuning ventures with the 1227747, including myself. The 1227747 is affordable, and is well supported by the aftermarket. Focusing on the option of the Edelbrock Vortec MPFI system, I think most gearhead-efi members would agree you have narrowed down your choices to good, better, and best options.
Good - 1227747 with a custom MPFI chip.
Better - 16197427 with MPFI modifications and custom MPFI chip / or Dynamic EFI Port Modification
Best - 12200411 OBD2 PCM
It would be challenging to get a consensus from the gearhead-efi community on which option (good / better / best) to choose, because each member has different EFI Tuning skills and budgets to work with.
I would personally choose the "Best" option. I'm sure there are several gearhead-efi members that are thinking back to the many good learning experiences they had with the 1227747.
I think most gearhead-efi members would favor using factory or factory based EFI computers.
dave w
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