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Howdy. I've owned both. I liked the 4 speed better for hills and low speeds. The 4 speeds are older. Not sure about today's parts availability, but I once (like 25 years ago) bought the last bushings that Harpers had on hand when 4th gear in my Ambassador began to howl. Maybe one of the professional rebuilders will chime in, but my guess is there are more 5 speed parts around if you should need them. Same with the rear drive for 5 speed.
Ride each one before you buy ,seller should be ok with a slow test ride.
The 4 spd. whines and is clunky, but I love 'em.
I have zero experience with these bikes - but I thought a 4 speed and 5 speed would have the same amount of whine / gear noise. I found this chart comparing all the old loop frame models and it shows that the early V700 had straight cut gears, but the Ambassador and Eldorado are supposed to both have helically cut gears.https://www.thisoldtractor.com/moto_guzzi_loopframe_model_differences.htmlDoes an Ambassador 4 speed whine more than a Eldorado 5 speed? Does an Ambassador 4 speed clunk more when shifting gears? I have a BMW R60/6 so I am used to some clunks in the gearbox :)