Depends... Do you plan on runing a bypass elsewhere?
The difference is more or less only the bypass. Later 1275 engines (A+) had the bypass moved away from the waterpump (head's heater takeoff to bottom hose p.e. on the Rover Cooper).
Some say a bypass is not needed, just drill the thermostate - some say it's a must. I personaly like to always have water flowing at least a bit. With a drilled thermostate you'll always have some flow through the rad which can have some (unwanted) effects on the warming up of the engine... Might be not as big a problem in Oz as in chilly europe, though
There was a excellent thread about wheter to fit a bypass or not:
http://www.ausmini.com/forums/viewtopic ... ump+bypass