The difference between the two TPCs is watts, one is 300W and the other 400W. Your transformer output will help determine which one to purchase. You need enough power to process it. The TPCs will also allow you to run MTH Proto Sound engines if you have any or acquire them.
From reading into the post you have PW engines, suggesting you may have a PW transformer. If it is a PW ZW, either should work fine, it puts out 10 amps, 250 or 275 Watts [depending on the model] which is probably all you want to run a conventional engine.
If it is not a ZW, you will need some transformer to give you the correct wattage you need. When choosing, these rated volt/amps never really occur in operation. Think of them operating at 80-85% of the ratings on the box.
Read up on the TPC before you purchase, remember Legacy and TMCC realistically operate the same way in Conventional mode. There is setup coding and Cab 2 keys to operate in conventional and the TPC needs to be connected to the TRACK or TRACKS that the PW engine will run upon. So if you are planning on running 2 ovals, with PW engines at the same time, you may need to examine your wiring carefully and may end up needing multiple TPCs - they need be the same wattage connected to the transformer.
Hope this helps. But the TMCC/Legacy forum might be the best place to get more info, especially on wiring needed.
Ralph