So, all I can tell is that the complex circuit takes one extra 50 uF
capacitor, and 4 extra diodes to do the same job as the simple circuit
with no difference in efficiency that I can find.

Curtis Eickerman

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A simpler logical analysis -

The more complex circuit will have lower efficiency because it does exactly
the same job with 5 additional components to lose power in.

Back to the drawing board !