The encoder with the best specifications here is the HEDS-5540/5640 encoder, which specifies state width error ΔS = 35 degrees electrical maximum, 5 degrees typical. What does this mean for us if we're using the Δpos approach to estimate velocity?
Each encoder state is nominally 90deg electrical, so a ±35 degrees electrical error is a ±39% error; ±5 degrees electrical error is ±5.5% error. We calculate v = Δθ/Δt. The time measurement Δt is determined by the accuracy of the CPU clock, which for a crystal oscillator is typically 50ppm or less -- essentially negligible. So the error in velocity is directly proportional to the error in Δθ -- typically 5.5% and up to 39% error from one encoder state to the next!
We could use the time between each edge and the 4th-previous edge instead; this is the cycle time C specified in the datasheet. The error ΔC is 3 degrees typical, 5 degrees maximum -- with a 360 degree total cycle this works out to 0.8% typical, 1.4% maximum.
Note that these errors aren't DC errors, they appear as jitter from one state or one cycle to the next. So if we average these velocity estimates then the error is attenuated, which is fine for high speeds, but ruins the advantage of using the time between one encoder edge to the next -- but this is the whole point of using the constant Δpos approach!
So that's why I don't recommend using it. If you're using an encoder, and you can analyze the datasheet for it to determine the typical or worst-case errors, and you're fine with these numbers, then go ahead and use constant Δpos if you must.