I think it's definitely more efficient, because not only are you getting more than 1 AGS per PTS, there will likely be more Bitshares X shares per AGS than per PTS. This is because half of them will be given to PTS holders, and the other half will be given to AGS holders, and there will probably be more PTS than AGS by the time Bitshares X is released. If the release is late though, then there may be more AGS than PTS, resulting in PTS having the better ratio. It all comes down to when Bitshares X is released