Hi, I also live on Long Island in an 80+ year old house, mine with Stucco siding. It's too badyou can't go back to the cedar. In all the older "historic" houses I've looked at on our Island, I've always found the ones with the most character and warmth are the ones that *appear* to have thier original siding and designs.
As far as the siding choices you're wondering about, though, I'm very sorry, I don't have enough knowledge about the material to comment yet! I just wanted to say hey to another LI-er taking care of an old house!