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Better for what? There are pros and cons for each method.
Dipping removes and eats EVERYTHING that is not metal.. seam sealer, paint, body filler. After it is removed from the vat, ya gotta rinse hit EVERY nook and cranny and then hit it with some kind of rust preventative like an epoxy primer. Some guys will literally pour rust preventative into body channels (like A-pillars and frame rails (for unibody cars)) to stave off rust because it leaves the metal very naked and susceptible to corrosion. For example, dipping the cab will completely strip the cowl assembly and there is no way to get in there with paint unless ya open it up.
Media blasting has better control and is quicker but media blasting has its own challenges - the grit gets into EVERY nook and cranny so ya gotta vacuum, rinse, vacuum, rinse and immediately shoot a protective coat.
Cost effective? If you're attempting a full-on restoration then there is no substitute for dipping... If it's gonna be a clean driver, then I would rather have it media blasted.
Thanks for the info. I'm looking for a good clean driver. Also I made a couple of calls, and have decided on media blasting. It's a resto with modifications.