Hi Dman,
I am in the middle of my first coco grow. I learned a lot from this forum and the tutorial, but you might want to check out AskEd's coco guide on Grasscityforums.
It does a great job of explaining the how and whys of coco.
I got a wide range of answers to your same question. Many were adamant.
Assuming you are in full stage veg, you might want to try both methods for a few days each. It helps if you take some pictures every day for each method as you can look at them away from the grow lights and get a day by day comparison of how they are responding.
In my limited experience, I have found that it is true that coco is very forgiving as far as watering. For myself, I am working on a schedule of nute and Calmag water. Day off. Two days of just pHed water. Nute and Calmag water etc. My plants never seem to show signs of overwatering. I also water to about 20 percent runoff and my plants never sit in the runoff water.
If you use the lift method, you might find the conditions in your grow space limit how quickly your plant dries. Therefore, you might not be able to feed them as often if you are waiting to water. BTW, I also learned they like much less than half dose nutes, but they like it more often.
I bet you are already aware that there can be Calmag issues with coco as well as salt buildup, and pH is much more important with coco. Ed's guide discusses this in detail.
Please post here once you have a method that works for you as it will help me learn from your experience! Good luck!