I like Bazaitrons color scheme more than Bludgeon's, but Bludgeon is Bludgeon and had a few great storielines.
Character-wise: Bludgeon. Furman's G1 run post-Edge of Extinction is evidence enough. Aside from a brief appearance in IDW, did Banzaitron ever do anything? Toy-wise: Honestly, I have to go with Banzaitron. Just a personal preference but I prefer the colours.
Lets put it like this: Potential and Realisation. Bludgeon is Fully realised as a character which is one of the reasons i love him to bits. Banzaitron is brimming with potential, both in the Color Scheme, and what little Back story he has. look back at the action master. he was a complete Paradigm shift from normal transformer characters with the angles and design and He's A martial artist at a time when Martial artists were cool. there is so much breathing room with Banzaitron that you can project What you want into that makes him a cool character to have It's why i have both.