I picked up a 4bbl manifold and teapot carb for my '61 F100 4x4. I am wondering if an adapter plate with a new carb will be a better choice.

 

The best choice is the ECZ-9425B intake. IT was used from 57 up to 62 on the y-blocks, with this one you can use a modern 4 barrel carb.

 

The teapots actually work well when they are like new and functioning properly. Your distributor's vacuum advance will not work as designed with the teapot. You'll either need to use manifold vacuum and tune accordingly, or just block and disregard the vacuum advance entirely.
I think that a newer carb will be better in the long run.