How do different kinds of vacuum pick-up tools compare?
I have a vacuum pickup tool with the pen pickup.  It uses the vacuum finger release method.  I don't recommend it.  I recommend some type of foot operated system, perhaps like this.  Fine pitch placement is a pain to do because the item will shift when you release the hole.  

I wouldn't even consider one of the bulb type systems for reasons listed above.  

You will probably still end up using a tweezers for small parts, as the rubber doesn't want to release.  It might help if the suction is turned off by foot petal, but in a manual operation there is enough suction with the finger off the hole to keep the part on the tip.  With or without rubber it wants to just vacuum your 0603 parts into oblivion.

My latest favorite method for placing IC's is to wet the end of a Q-tip, and let surface tension hold the part, once it hits lead paste it releases.

If you can set the vacuum level on the machine that would also work, just set it enough to hold the part until the paste tacks it down.  I do that with my finger on my current setup and works better than manually releasing.