The best flex fans are probably factory ones, all the aftermarket ones seem to be noisy as hell, the blades flatten out over time, and the blades are sharp as a razor!
From dyno tests I've seen, clutch fans have the least amount of drag (although I don't think the early cars have enough room for them). The electric fans had the least amount of HP loss, so I guess the drag of the alt charging to run the elec fan is less than the drag the fan blades create at higher RPM..
I have an electric on my Stang ('68 302), before that I had a 17" 6 blade aftermarket fan (Hayden IIRC).. on real hot days (100 deg or more) it would be okay when moving, but driving slow or stopping for prolonged periods it would run all the way over to H on the gauge..
With the electric, it may run a bit hotter driving around in the real hot days, but when driving slower or stopping it only runs to about the middle of the gauge and stays there... one thing I do like about the elec, is you can turn off the car and keep running it and it will cool down the water in the rad, then when you start the can it'll cool it off (since it mixes the cooler water back into the engine).. so you can keep it from boiling over.. Most of the time if it's running hot with an engine driven fan, and you turn it off.. it gets hotter, then boils over since it no longer has airflow..
And I can say that your water pump bearings tend to last longer with an electric, without the weight hanging from the front of it (this would probably be the disadvantage of the clutch fan, more weight on the nose)
I found a nice factory flex fan that I'm gonna use on my 250 when I put it in my '69 Ranch.. It came out of a mid 70's Maverick/Comet.. I believe it's a 17" too, 7 blade.. I think the cars that had these had A/C, could be wrong tho... that would be a good cheap upgrade if you had the room for it..