Sean, you forget that the high inertia set-up, as you put it, also has high torque. Torque being force X distance from center, the torque being exerted at the distance where the stylus is from the center. Having inerta as an added 'store' of force, is a good thing. The fact that the motor is low torque is irrelevant since the torque is multiplied by the 'pulley' ratios.
Put another way, depending on the polar moment of inertia of either system, the one with the largest moment of inertia will be less disturbed by quick changes of drag. The 'high torque' direct motor only delivers the amount of torque necessary to turn the platter at the constant speed under X drag conditions. Unless it can react immediately to the sudden increase in drag, it will be disturbed in speed. The high inertia platter however has torque stored, so-to-speak, as inertia and therefore is less affected by the sudden increase in drag.
I guess that that is your arguement?
Bob P.