The best dramas are the ones with the best bad guy and Raymond Massey with his screen presence and withering glare beats Ian McKellen. You just don't forget Raymond Massey who plays, as Pauline Kael once said about another villain in another drama, the Prince of Darkness himself.
The 1934 film picks up sometime after Percy has assumed the role of the Scarlet Pimpernel and his effeminate cover, so you see his beautiful and longing wife wishing for the "old" Percy who was a "man", not this effeminate "fop". The 1982 movie shows this effeminacy before, during, and after their courtship so you don't feel so much for the wife since she married the guy with his effeminate side to begin with. Not as an effective portrayal of their relationship. I felt the ardor between them more in the 1934 film than the 1982 film - more believable.
I liked Howard as Percy's Pimpernel more than Andrews . Although the 1934 didn't have the length and some of the detail the 1982 had, I still felt Howard's characterization was more compelling then Andrews. I thought Howard's comic timing was perfect. He used phrases like "sink me" sparingly but effectively and humorously. Andrews used that line too much and it lost its effectiveness. Howard moved well in and out of the effeminate cover pretty convincingly whereas I felt Andrews sometimes got stuck in the effeminate thing and the glass monocle thing while he was plotting with his friends and other times when he didn't need the cover.
I like the supporting cast better in the 1934 film, especially Nigel Bruce as the Prince of Wales and the portrayal of the restless Robespierre. I thought the end was better in the 1934 film. More dramatic, sharper.
Sometimes less is more, as I think that is true between the 1934 and 1982 films. Both are wonderful, but if you've seen the 1934 film first you may be a bit disappointed in the 1982 version.