Another Fairclough owner
I was psyched when my S2 came with a nealy new Fairclough boom tent style cover. The boat was from Milford CT and they are nearby in New Haven. I too didn't want to keep tossing out tarps and the cost of shrinkwrapping pays for one in short order.
It is likely easier to deploy the boom tent vs. a full cover, but they sell both. The only issue I have had with mine is that many of the rope tie downs, that secure to my slotted toe rail had to be replaced just from age after about 6 years. The cover itself is still going strong.
If I were to buy a new one, I may be tempted to look for one that goes over the toe rail. Mine ends a bit short of the toe rail, causing snow build up to be caught by the toe rail rather than being shed off the boat. Over the toe rail might alleviate that, but then you have to secure it some other way. If I didn't have a slotted toe rail I would surely look for one that covers more.
Just one more thought, since your boat is a classic Pearson. If you topsides are painted it may impact your decision to avoid shrinkwrapping, as it may hurt the paint from what I understand. A cover that stays above the toe rail may be preferable to reduce chaffing as well in that case.