My personal opinion is that I think you can use both approaches as part of your arsenal.
Lets say that for each approach you are willing to put in $500, which is probably between average and expensive. Note, I am speaking in terms of P6, not P4. I never use A/B/C/X for P4's
In regards to the caveman, if you have two horses that you really like and willing to single, then you have 4 legs to spend 250 combinations. That opens up the door to a major payday if you are really right on those two singles, and deep in those other legs.
Now within the A/B/C/X theory, I think this approach allows you for what ifs. What if this horse gets a lone lead, what if there is a speed duel. You can add certain horses as C's based on what ifs.
It is really how the sequence plays out and what risks you are willing to take.
Me personally, I have played it both ways before, with success on the caveman and a couple 5 of 6's on the A/B/C/X. I will say I have a personal preference to the caveman, in doing that, I usually have to be REALLY right on two legs, and have coverage in the others.
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