I'm new on here, but I'll add my 2 cents because we've used a 4 in 1 for many years. Personally I would vote for the 4 in 1. We've had a 4 in 1 on our Cat steel track loader for years and recently put one on our Cat 277B rubber tracked skid steer. I would not own a machine without a 4 in 1. You can do so much with them. Including picking up the junk.
Downsides: a dozer they are not, I always used it with the bucket down to grade with on either machine. With the flat bottom bucket you've got a lot more grade control. Most are also not high volume buckets if you are loading material that is light. They will however allow you to open up vs dumping to gain some height if you're loading on a tall trailer or truck.
We are currently searching for a good skeleton bucket with a grapple to use to sift out rock and debris from demo piles and cleaning up where we've torn down our side of hedge rows on farms with our track hoe.
Each has it's own place and purpose, but if you only want to own one, the 4 in 1 has to be the one. As for teeth on it, do a little looking around, our latest we got from Cat with our 277B and the teeth are totally up on the top. If you want you can lay it flat and it will run smooth, if not you can tilt it up and use the teeth to rake it some. If you have to you can unbolt them, but I'd bet you never take them off.
Good luck.
Ray