The big question is how often are you going to drive it? Once a week or more and hydraulic are great. If not exercised however they will be a problem. In my experience hydraulics are way cheaper if you send out your mechanical backing plates and hubs to be restored vs that was not required for hydraulics. For mechanicals to be effective they can't be worn out and good luck if you don't have new cast iron drums. Mechanicals require good condition equipment not worn out and sloppy like my 28 and 29 were when I got them and mechanicals have lots of point of wear. Hydraulics don't have all those wear points. The only thing to wear out on hydraulics is the shoes(this assumes you use the hydraulics at least once a week to avoid stuck wheel cylinders. I'm replacing the hydraulics on my two to mechanical as I will be selling them and many Model A folks like mechanicals and few drive enough to keep hydraulics working. When is the last time you have seen a Model A driving down the road? I haven't seen someone list the details of how to get mechanical brakes work effectively. Typical response is "mechanicals are better" "mechanicals are good enough" "mechanicals are simpler" etc and most of these have been listed above.
IMHO to get the mechanicals working effectively you have to:
cast iron drums trued to the hubs
woven shoes trued to the drums
brake cross shaft restored
new bushings and the many worn out parts on backing plates replaced
no sloppy linkages on brake rods or clevises
careful adjustment of brake rods
BTW know any local shops who will true drums and arc shoes anymore?
I also haven't seen much in the way of which hydraulics are best. IMHO Ford lockheed brakes are miserable. 46/48s are slightly better than 40/42. I won't use them again that is for sure. They require nearly as much tweeking as mechanicals do to get them to work correctly. A new set of repro lincoln bendix brakes are as good as drum hydraulic brakes get. IMHO with bendix arcing shoes and truing drums aren't necessary with new drums and backing plates. The hot rod guys have this figured out and they aren't much using lockheed brakes anymore as the repro bendix are so good. I labeled a pile of lockheed backing plates as "Ford frisbees" at the Ckickasha swap meet. Got lots of laughs but no sales.
On my 36 woodie I took off a very good set of mechanical brakes and replaced them with disc on the front and new lincoln bendix plates and new drums on the back. I drive it at least once a week in good weather. It stops on a dime and very little to no adjustment is necessary. I may send out the rear end to be converted to modern axles by that hot rod shop in Idaho so I can put disc on the back as well.
Another thing to consider is that having the master cylinder below the wheel cylinders is a PITA. Much better would be the master cylinder installed like in a modern car on the firewall. Then bleeding the brakes would be a breeze.
Here is how:
https://sites.google.com/site/mrtexascitrus/home/hydraulicbrakes
https://sites.google.com/site/mrtexascitrus/home/hydraulics4648