Steve,
That is a great description of the 2 main types of systems. FWIW, my system has evolved through both and I have settled on having the second type, an air volume in the reservoir and no overflow tank. I keep a couple inches of coolant in the bottom of the 1 qt reservoir when cold. That allows enough room for expansion and also allows a visual check of coolant level. I also pre-pressurize that volume with my Mounted Omnipresent Under Tooth Huffer (MOUTH) via a hose to the overflow fitting (just a couple of PSI). That allows me to verify the ability of the system to retain pressure prior to start up.
In a system without the air volume, as soon as the engine cools down a little the pressure in the system quickly drops to zero as coolant is sucked back in. So you never know if the loss of pressure is from engine cooling or a newly sprung leak. The alarm also makes passengers nervous. So I have found that I like the "air spring" approach much more.
David Leonard
Turbo Rotary RV-6, N4VY