Theoretically, the higher the version number, the more advanced, or better, the system should be.
In practice, I don't know that 3.1 is a quantum leap over 2.4. The only fundamental difference in makeup that I know of involves the AMM. LH 1.0 - 2.4 use a hot wire sensor, while 3.1 uses a hot film. I would *guess* that a hot film is a bit more robust than a hot wire.
This era was a mixed bag of LH versions (and Regina, too.) Turbos and NA motors did not change over at the same time, either. Best to look carefully at part numbers when you're grabbing stuff.
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Speed Racer, '83 240 R, '74 164 E, '93 940 OL1 (Manchester, CT)
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