It's a personal preference issue, you have to decide or yourself. I'm probably a bit older than many of you (mid-30's) and find the big raised hoods just silly looking unless you REALLY need it to clear something big under there. The maximum I will go is 1.5" if i NEED it to clear the engine I end up putting in. I'm considering a 351-based engine, and with the EFI I may need some extra room under there. If I end up not needing any extra room you couldn't make me put on a cowl hood at gunpoint.
...personal opinion only...
Big-T