I'd have to get rid of the V&H exhaust on that Heritage. It just doesn't look right on a vintage style bike like the Heritage. Plus, I wouldn't want an overly loud exhaust on either of these bikes. I would rate the suspension differences as perhaps a significant factor. Same goes with the engine. The rest is going to be about the mods that you would require that would get it where you want it. Which one provides the path of least resistance? I know for me the stock seats would have to be replaced (probably in either case) . Included windshields may or may not fit you correctly (if the latter, needs to be replaced). If there is a need to ride two-up, then the Heritage rear suspension travel might be better - bonus you already have the sissy bar and pad (although the pad may also need to be replaced to match a custom seat). I wasn't crazy about the stock bags on the Heritage, so those got replaced on mine. I recommend looking for some quick release bags the can be removed/reinstalled easily. Don't know about the bags on the Deluxe, but if they are quick release and suitable, then that's a bonus. Quantify all the pluses and minuses of each and see how it shakes out.

I might also consider just finding a 114 Heritage to go with. Perhaps one that doesn't require major expenses right out of the box (re. swapping in a new exhaust w/tune). Just as a side note... If you find one with a stock exhaust on it (or even if you don't), you might consider doing one of the American Custom Exhaust options on those bullets. You can get good results, spend a lot less, and maintain the vintage look.

If two-up riding is not a major factor and/or you are good with the lesser rear suspension travel of the Deluxe, I might just go with that. That Deluxe has it in the looks department - hands down. The Deluxe has better paint/color, nicer tank decals, two gas caps (even though one is faux), white walls, tombstone tail light, more appropriate/nicer looking exhaust for the style, nicer looking bags, nicer engine guard, etc. etc.. Bonus if the Deluxe's windshield fits you.

Decisions, decisions... My 2 cents. Good luck.