Hi Rocky, I guess the straight answer to your question is that the tapered bore lower arm is better... if only because BMC/Leyland saw fit to change the design. Although, this could have been a manufacturing decision rather than a performance issue...
You have to be careful with poly bushes as the material can vary significantly. I have had engine steady bushes crumble and basically disappear...
I have tapered bore adjustable lower arms that were made by Selby back in the 60/70s.. I used to use poly bushes but these didn't work well due to the non standard caster angle I chose. The bushes didn't crumble but became deformed (and loose) with not a lot of use.
I have since replaced them with Minispares UK rubber offset bushes and these seem to be working well. No problems after a few years use. Mspares bushes come in road and competition versions. I fitted the comp versions because they were all I could get when I needed them. I've since acquired some of the road version and they are noticeably softer (using the fingernail test). I will get around to trying them on the car some day.
The offset rubber bits definitely fit better than the "ordinary" poly units....
Yer pays yer money and takes yer chances

Cheers, Ian