The phase switches on the HP-1 allow you to correct for absolute phase. They do NOT reverse the channels, simply switch the signal and ground leads to each driver. On occasion, this seems to make a difference, but it's subtle, and may be an illusion. When the phase switches are set in different positions, the effect is....interesting....
The HP-1 and HP-2 used very careful driver matching, to exact tolerances. The HP-3 used a slightly more relaxed standard. Someone who's owned an HP-3 and an HP-1 or HP-2 would have to say whether the difference was even audible.
The theoretical best would be the HP-2 with the Ultra-Wide Bandwidth Reference cable, but only if you believe that the presence of a switch in the signal path might introduce some signal degredation. Otherwise, it might be the HP-1, since you can listen with correct absolute phase to all recordings.
There were two kinds of cable used in the HP-1000 series, the Laboratory standard cable, and the Reference cable. In theory, the Reference cable is supposed to be better, but those who have heard both and posted seem to think the difference made by the cable is minimal, if present at all.
In real life, if you can get any HP-1 or HP-2 in good condition, you've got one of the best of the Grado's, IMO.