Both theologies have fatal flaws.
Time for a new or modified position that deals with ALL of what Scripture records. (And it already exists...)
Instead of dispensation lets take them as ages like Paul talked about the ages. Paul of course didn't label them he just called them past and future ages and that in the past ages the mystery wasn't revealed.
Age of Innocence,
Age of Conscience,
Age of Human Government
Age of Promise
Age of Law,
Age of Grace.
Age of Tribualtion
Age of the Kingdom
Ephesians 2:
6And hath raised us up together, and made us sit together in heavenly places in Christ Jesus:
7That in the ages to come he might shew the exceeding riches of his grace in his kindness toward us through Christ Jesus.
8For by grace are ye saved through faith; and that not of yourselves: it is the gift of God:
Ephesians 3:
4Whereby, when ye read, ye may understand my knowledge in the mystery of Christ)
5Which in other ages was not made known unto the sons of men, as it is now revealed unto his holy apostles and prophets by the Spirit;
6That the Gentiles should be fellowheirs, and of the same body, and partakers of his promise in Christ by the gospel:
20Now unto him that is able to do exceeding abundantly above all that we ask or think, according to the power that worketh in us,
21Unto him be glory in the church by Christ Jesus throughout all ages, world without end. Amen
Colosians 1:
25Whereof I am made a minister, according to the dispensation of God which is given to me for you, to fulfil the word of God;
26Even the mystery which hath been hid from ages and from generations, but now is made manifest to his saints:
27To whom God would make known what is the riches of the glory of this mystery among the Gentiles; which is Christ in you, the hope of glory:
Seems Paul saw that there were past ages and future ages, that the age we live in is the mystery not revealed in other ages (aion) a period of time. Sounds a little bit like a dispensation of time, but we can just call them ages. Ages or periods in which God dealt with mankind in different ways.