Is version 1.0 better or version 1.1 better?

Version 1.0 has a soft-lock glitch on Super Macho Man. With the original release of MTPO, if you canceled Macho's mini-spin punch the crowd would permanently freeze thus causing the game to lock-up on the KO/TKO end-fight animations. The later release (1.1 / REV-A) corrected this glitch so it will not soft-lock.

If learning the game, it's best to use the 1.1 / REV-A version just in case you cancel a mini-spin punch in a run. Even if you have mastered the game, using the later release of MTPO is the better option for basically the same reason.