The 5050 will iluminate all around kinda the regular bulb, while the other one just to the front.

I'm still not big fan of led illumination on classic cars where the illumination is designed for a full light coverage all around, but If I had to use those, the 5050 will work for the cluster illumination while the other ones just for cluster pilot lights ( turning, brakes, high beam... ), althought 5050 will work the same... just like regulars.

The deal with those leds so white is it will wash the real color of the lense. I'd go with something closer to a warmer white.