This is one of those Ford vs Chevy type questions.
Both will do the job.
It's not a Ford Vs. Chevy argument. And no, they both won't do for any spot on your rig. Here's why...
Two weeks ago I did a dive to 287'. In my gearing up, I mistakenly grabbed my Piston reg for my drysuit INSTEAD of the proper regulator. Guess what. A Piston reg will not inflate a drysuit at 287'. It's only putting out 140psi. At 287' you are looking at about 127psi pushing back. It took FOREVER to get the squeeze off.
Now, imagine if I had mistakenly used that 1st stage for bailout instead of drysuit inflation. I'd have been screwed.
Fact of the matter is... to answer which regs? Piston or Diaphragm: Both.
Piston regs are bullet proof. They just work just about forever, usually without fail. So, we use them for 100' and shallower like on deco bottles and stage bottles. We use Diaphragm regs on deeper dives because regardless of depth they always put out 140psi.
Edit*
Truth be told, I was assuming we were talking about unbalanced regs. As I have a buttload of them and use them for rental and training and stage and deco bottles. Upon further reading, realized you MIGHT be talking about
balanced piston regs, which changes my story completely.