High flange or low flange? And why?

I'm asking for a mid-80's ultra light euro road race bike build that I am thinking about. I've noticed that some cool period hubs come either way. For example, Pelissier hubs were high and low flange.

But I'm interested in the thinking for other situations too. If you're building a track bike / touring bike / commuter bike / etc, what makes you want high vs low?