I've tried both ways and prefer towing 4 down.
You can do your research here at
Motorhome Magazine's Dinghy Towing Guides - they have archives going back several yearsI soon tired of dragging the tow dolly around. And heaven forbid, you get to a spot where you need to drop the car to turn around. My first venture into towing 4 down required a
driveshaft disconnect back in the mid 80s and I'm still using it today when I tow my Aerostar. When I tow my HHR, all I have to do is pull a fuse, put the transmission in neutral and leave the key is the ACC position. The cost of equipping your towable car for towing can be a lot if you can't attached the bracket, wire the brake lights and setup a braking system yourself.
Neither the tow dolly or your 4 down towed can be backed up more than a couple of feet without causing damage so that's toss-up. Don't do it and be safe!