Hello Allan, welcome to the community...
You pretty much got it right when you suggest the only real difference between the two is price and the hand crank option. I have the PRL-v2 and love it. Mine has a little bit of slop in the thumb wheel adjuster but nothing I can't live with!!!! Given the chance to buy again, I'd go with the hand crank. If for only for 2 reasons. When making adjustment to the thumbwheel, you're working pretty close to the bit. So the unit really should be turned off where as the handcrank can be mounted well away from the working surface. This will depend greatly on the design of your cabinet. Be sure to look at the PDF"s that woodpeckers has to give you a good idea of what kinda room you will need. Secondly with the thumbwheel you have only about 3/4" travel then you need to reposition the router up or down. With the thumbwheel you have unlimited travel in either direction....
either way, its a great router lift. You couldn't go wrong with either one.
"..... limited only by imagination"
"Just smile and wave boys, smile and wave"
Skipper the Penguin