You are right, I was originally referring to the version III single part. As I understand it, the main differences are more calcium and less potassium, and more consistent physical particle size (no more white balls) but there are likely other differences as well. Although MC has been criticized for changing their formula so often, I give them big credit for listening to feedback and trying to improve their product. This sort of performance, particularly at the price they provide, is beyond top notch in my books.
Anyway, if I needed more MC, I would be much tempted by the two part. OTOH, I am not really sure that I do enough growing or know enough about this stuff to improve on the performance of the one part mix. The one part stuff already works really well, and dialing it will be simpler for us home growers than fiddling with the mix of two part.
I don't think you can go too far wrong with either approach, and more experienced peeps on here may be happy to help with dialing the two part if you need some advice.