If you get a good seal with your adhesive method, there is no sonic advantage to fitting them around the lip of the baffle. There is a difference though because when you stretch a pad to fit around the lip of the baffle, you're changing it's shape, especially with these pads that aren't made for the T50rp. An SRH840 pad fitted over the baffle has a much bigger opening, and has a thinner profile because of this.
So the 840 pad is more comfortable when adhesived onto the baffle because the pad winds up being thicker, and keeps your ears further away from the baffle. Not only that but because it's not stretched so tight, it has a softer, more cushioned feel. Whereas an 840 pad that is fitted over the baffle becomes harder and thinner.
Sonically, the bigger pad opening of the 840 pad fitted on the baffle will give you more upper frequencies and less bass. An adhesived 840 pad will be bassier and warmer/less upper mids/treble.
The HM5 pad is even tighter, so a fitted HM5 pad is going to sound very different from an adhesived HM5 pad. so much so that they should be called different pads. The adhesived HM5 pad has a much smaller opening.
Niether one is inherently better, it will depend on your mods and the direction it pushes the sound. There are advantages to not having a perfect seal too. Velour pads sound open and airy, with less bass because they don't seal as well. Which could be an advantage in certain situations.