AFter a bit more playing, I find myself attracted once more to the original question. Is Universal Suffrage better than Representation?
Early and mid game, the choice is obvious: +3 happiness in your largest cities is a godsend, while +1 hammer per non-existant town is not. Also, at that stage, the economy should be too tight for one to indulge in gold-rushing.
Late game, the +3 happiness becomes useless since it is my mid-sized, developing cities that need the help with happiness, and not my larger cities, which are by now well endowed with Theatres, Temples, Colosseums, Markets, etc.
The +1 hammer per Town, while better than the +3 happiness for the most developed cities, does not fare much better. Likely, that would raise a good cottage-city from 5 or so production to 20, all without the benefit of forge/factory/power source. If you haven't developed strong production centers with 60+ raw production, then your Civ is likely already a smoldering ruin.
The tough decision making comes between +3 beakers per specialist/superspecialist (highly relevant for those of us who like to produce a super-city with super specialists) and the ability to gold-rush at a point in the game where gold is not too hard to produce in large sums.