IMHO, one consolidated checklist.
I have found that most collectors / collecting sites that deal with vintage non-sport organize checklists based on the ACC #. There are some exceptions but as a general rule - one checklist.
In baseball, the T206 and T213 series are popular examples of multi-year issues being consolidated into a single checklist.
I realize that some on this site see it differently. A stronger argument may be that for those who don't care about slight card-back variations, it is impossible difficult and cumbersome to build and track a "basic" or "master" set on TCDB when the checklists are separated.
My two-cents is worth slightly more than a penny.
-- Chad --