The Mdef fix is already implemented in the re-releases.
Side question(s): disregarding the bug and mods for each version, is it better to play the Steam version as is or should it be converted back to the original version? Are there any benefits of Steam over original, and vice versa?
The Steam version has a nice looking launcher and Mama Steam will gratitude you when you do something special like winning the first battle, but that's all. Its a nice facade on a rotten building. If they had polished it up for a better file managment, they could have made even a mobile version of it, but they wanted quick money and not much.
Anyway, the most annoying thing is the new renderer: FPS are wrong rendered for some events, 1280 x 720 seems to be the highest resolution disregarding if you use a higher resolution. It will crash after a long play time or when Cid is using his Hyperjump limit. Sometimes the music doesn't play correctly.
So yes it is better to convert it for more stability and graphic.
