The original Monarch drive, based upon high-power thermionic devices, is actually pretty close to being the best that can be done.
Only the later lack of availability and consequent high cost of the high-power tubes appears to be eliminated by going solid-state.
SCR-type "power blocks" were employed in the "Monarch Sidney" armature-regenerative drive (the last of the 10EEs before Monarch went with a VFD "solution", one with an ac spindle motor). Alas, drives which employ "power blocks" usually have VERY complicated controls, and tend to trade-off very high component counts in the control section for lower cost in the power section.
Indeed, both the thermionic- and SCR-based drives require "boosted" voltages in order to achieve the dc spindle motor's requirements of 230 volts armature and 115 volts field.
In the ca. 1949 WiaD, a 300-0-300 anode transformer for the armature (600 volts, center-tapped, is, practically speaking, the highest voltage possible without employing wiring methods which are exceptionally expensive) and a 150-0-150 anode transformer for the field were employed by the armature and field regulators, respectively, and both employed full-wave phase-controlled rectification, with the inductance of the armature- and field-windings, respectively, acting as chokes, hence low-pass filters for the thyratron's switching transients.
In the ca. 1960 Modular, a 300-0-300 anode transformer is still employed for the armature regulator, but one-half of the armature regulator's anode transformer and half-wave phase-controlled rectification for the field regulator, employing only one thyratron plus two series-connected "free-wheeling" silicon diodes to "complete" the cycle.
The WiaD is low-voltage controlled, using voltage-steering from a number of "receiving" tubes.
The Modular is high-voltage controlled, using current-steering from a number of silicon diodes.
Both provide equivalent performance.
Obviously, the drive which has the lowest component count is the best, and that observation would strongly favor the Modular.
However, other than the high-power tubes and associated transformers, the WiaD drive's components are all relatively low cost, and have very long lifetimes.
Both drive types share a common fault: the "audio type" transformers which are employed in the thyratron trigger circuits. Fortunately, third-party replacements are available, for otherwise, these transformers are "unobtanium" UTC audio interstage (plate-to-grid) types.
Once one has mastered the calibration of these drives, they are just about as good as it gets.