Get a diverter that dont use a sub plate. Adding a sub plate is just one additional thing to buy, and one additional place for a leak to occur.
Something like this
Shopping
As far as third function vs diverter....you dont have to have continuous force applied if you dont want to with a 3rd function. Basically think of a 3 position switch. Options are open, close, or off. Once closed and ahold of whatever you are grappling, it turns off if you use a 3-pos rocker with spring to center. Kinda like the old toggle switches for angle on a plow.
Some people say they are pretty good by bumping the switch closed or open to control the speed and force. But realize when you hit that button, its full go until you let off. With a diverter, it uses the say stick as what you are already familiar with. If you want to raise/lower or dump/curl slowly and controled, its the same thing with the grapple. Where as the 3rd function would be like full speed with the joystick (pushing all the way to the stops) every time.
Did you read through my diverter install thread? Its linked in my signature