I'd go Form4 before Form1 any day. Form1's were a PITA. Seems like different examiners sometimes require different gun specifics on Form1's. That may have changed now.
My experience is once the Form4 is sent in, its just a matter of waiting. With Form1's, you wait to hear if there were any "discrepancies" on your Form1, which might require a resubmittal and more waiting. Plus, Form4 requires no engraving. On the engraving, I prefer to wait until I know the Form1 is approved before getting it engraved, in the event something happens during the waiting period (you can cancel the Form1 request before its approved, stolen, etc). Just be careful you don't convert the rifle into the SBR (by adding the stock or a shorter barrel) before you get it engraved. I suppose "that ride to the engraver" could result in a traffic stop and your converted SBR with no engraving being found in your car. Doh!
See what I mean? None of that is an issue with a Form4.