I'm in the quicker in OW camp.
My IM swim (3800) is about the same pace I can do 1500 in the pool
Slowing for the wall, then touch turning and accelerating again can't be efficient for a big chap.Maybe if I could tumble turn efficiently I wouldn't lose as much.
Wetsuit helps body position in OW, no turns and drafts a plenty all help on an OW swim. No panicing from me in OW.
The top end suits reduce bouancy for the better swimmers so if you are a less competent swimmer the lower priced suits are often better suited. Fit is everything, try them on, try multiple types, one of the stores (TriUK?) has an endless pool to allow you to try swimming in them. Failing that you could wait till the summer and then try them at a lake - a few will loan/hire suits for tests and ensure you get the right fit. If money is tight then it may be worth trying some on and trying to pick up a bargain.
M.eface