Instinctively, I like the PAM 127 more, the brushed 1950s case, the domed sapphire crystal, etc. I don't care for the 1950s lettering on the dial admittedly, but this is easily overlooked.
However, one of the largest goals of wearing a Panerai is to wear something truthful and similar to a vintage Panerai. The 372 truly accomplishes this in great stride as it is very faithful to the original vintage look of many Panerais. However, there is one caveat, the plexiglass crystal is somewhat difficult to live with.
I like both very much. I think ultimately I like the 127 more, but I would more likely acquire the 372 and live with the plexiglass crystal (since it will actually be readily available). One more thought - every time I look at the 127, I'll be thinking about the 203. However, I do like that brushed case on the 127, and every time I look at a 372, I'll notice the brushed portion is missing.
A very difficult question. Assuming both pieces were the same price, I'd get the 203. That's a definitive answer.