I just ran both ways through the same images they are very close to being the same but I think with these images that I used, photomerge has the best results.
I used both methods and used lighten blending changes on each layer to show the stars location for each frame on every layer, the full size images showed very little difference, only zoomed in did I notice that photomerge has the edge over the script way.
here the final image though I might do a little more testing.
The left is photomerge and right is the script method.
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