My father was a sales rep for Universal, he had explained to me that the 1/4 turn adjust was a prototype that never made it into production. I have never seen another.
I have tried many vice through the years but always return to my Universal. The Universal II was the vise I learned on and when they are tuned up (polished inside and rubber O ring installed) are perfect for me. I also think the horizontal jaws are superior for tying bucktail jigs as the angle of the jaws has an effect on your thread tension and alignment. As a manufacturer I tie all year long, and during the spring and summer Im making at least 100 doz a month. As I posted earlier 30+ years and the vice is still working great, My father was a long time tier and his universal was much older than mine. Every once in a while Ill take his out and tie a few jigs.
One thing about these vice is that they require a little polishing internally. Sometimes I swap older parts and find there has been many different sizes of jaws and washers, so I keep swapping out till I find a good fit. My personal vice has a little play when locked. This is remedied with a small square if masking tape on the shaft as a shim and a rubber O ring in place of the thin washer around the shank of the jaws. Every year or so I take the vice apart add a new piece of tape and a few drops of oil and Im good for another 1000 doz jigs.