[campusfive]

So the 1935 L12 is 16", and not an "advanced" 17" guitar like the 1936 L-7 you're comparing it to. It wouldn't have X-bracing, and sorry, but the braces are likely kerfed. That said, you should ask Gryphon to verify.

I neglected to play that guitar when I dropped by there last year, but my friend had checked the guitar out before and said it was pretty good.

As to you original question: new or old? For me it comes to down to two issues: 1) old guitars have 80 years of aged wood tone, but also 80 years of problems, so you really have to play them, or at least get an approval period if you have it shipped out.
2) aesthetics - you look with your eyes first, and I've just never dug the aesthetics of a Triggs guitar myself, but it isn't going to look like a 30's Gibson either way. So if that's cool with you, there you go.