SCORM: 1.2 vs 2004

The output to use often depends on what the LMS is set up for. However, if you have a choice, I'd say you should definitely go with SCORM 2004 (edition 3 or 4). That has a much higher limit for suspend data. That means it'll allow more info to be stored for resuming a course. (With low data limits and a big/complicated course, it's possible that a user wouldn't be able to resume where they left off if they exit the course before finishing.)

You can find out more about suspend data here: https://articulate.com/support/article/exceeding-scorm-suspend-data-limits