I was is the same boat, I was looking at late 80s early 90s Baja 240s and Formula 242s. I ended up with the Formula as you can see from my screen name. The cabin and cockpit areas were hands down better in the Formula, quality and room. From the test drives I went on, the Baja was faster since it was lighter. Saw about 62 with a 454 mag in the Baja and 59 with the same motor in the formula. (GPS) The quality of the Formula was just so much nicer too me. The material of the seats and things like that seemed more durable. I ended up with an 88 242 with a 502, and I love it. Only thing is I wish I had the bolster seats like the one you are looking at.
Another thing is with the Silent Thunder platform the 242 Looks like a much bigger boat.