well, imho, it really depends upon the individual, their training, and ultimately the choice they settle upon. you'll see the very finest work currently done, is done by all 3 methods. the tool is only a tool. it's the hand and mind that determines the quality of work.
i have done all 3...
welcome. you're already over half the usual hurdles by being a machinist. there are some woh think making ones' own tools is a waste of time. true for a person with a heavy backlog. for a dude such as yourself, why not make yer own . good luck, and show us what you come up with.
you say you are new to the art. i mean no disrespect for your intentions, but i think you should build some level of skill before attempting such a job. why not get in some serious practice and then do a replica gun first ?
cant remember, but someone showed a way to do the points with 3 & even 4 faces-- like a pyramid. the shapes can produce an effect somewhat different from a single point. when i used these, they never dulled. perhaps i didn't use them often enough. who knows ?
a dreml with a small burr, a properly sharpened nail, a very small riffler file, and perhaps a hundred or so other ways. are you intending to do "hobo" nickel carving ? if so, don't remove the date. i forgot- a very small flat-bladed screwdriver would serve as well.