From everything I understand, the 1.3 "content" version is still a harder game than Vanilla, just not as ridiculously so (or luck-dependant, depending on who you ask) as straight 1.3. I want a bit of a challenge, but I think regular 1.3 is more than I'm looking for, judging by a little trouble I'm having with chapter 1 already. Honestly though, I'm drawn to 1.3 more for the class and item changes that I think are more interesting and balanced than some of the other FFT mods out there.
But, after getting spoiled by WotL's translation, I think the original stuff is a bit dry, which is why I'm here with this thread. Though, I did start to look into doing some modding of the game, and think I will give a shot at just updating the 1.3 patches with the updated dialog, as much as I can. Having trouble repatching the changes I've already attempted though, but that's another issue in and of itself for a different online community...