The original Guy Savage was better. Something about it was much more mysterious. I still don't get what was going on and the enemies being monster wardens with uniforms and the weird grafitti on the indoors environment made me question the lore.
GSΔ just making the monsters vampires and the setting some open air graveyard kills all the mystique. Yes the codec calls were originally talking about vampires but the fact that the original game's nightmare had nothing to do with that created a fascinating narrative dissonance. The minigame was originally a prototype of ZoE3 so if anything the Dracula codec calls had no relevance besides perpetuating Paramedic'e obsession with film randomly, not the sequence itself.
I like the new version but I wish the original was made available too or the MC version of MGS3 was updated to include the original.