Hey guys just for the sake of discussion, I was wanting to see what you think the difference between these two are, or if one is working will the other work?

Mag Ned rig? It really sounds like we're talking about a jigworm, which has been around forever, just a plastic bait on an open hook jighead and fished mainly on the bottom. One of the very first In-Fisherman videos I remember watching when I was a boy was Al and Jim Linder jacking fish on a jigworm rigged Salt Craw and Power Worm.  I think the only real advantage to the open hook was in grass or where there's very few snags, you get an easier hookup.