From My Pieced Alphabet:
It would mean fewer pieces - 4 instead of 5. However, my experience is that long thin strips can be difficult to sew together as they have a tendency to warp.
I would have to be careful to match the seams at the blue circle. Not that this is all that difficult to do; but why risk possible problems if you don't have to?
Again, I would be unnecessarily risking mismatched seams.
This eliminates the necessity of sewing 2 small pieces together. However, the ascender on the h is extremely short and vertical seams very subtly help give it definition. So the horizontal seam is out.
For more lettering go to My Posts by Subject in the sidebar on the right and click on Lettering.