Depends on your goal for the project, if it's to be easy to use and simple, then I wouldn't use MOSFETs switching the orientation around. Since MOSFETs switch from full on to full off over a range of gate-source voltages (and even the same parts will have variance due to temperature, batch variation, load current, etc) you'll need to sequence the switching to avoid the situation where both are partially on. Search for "mosfet shoot through" if you're not familiar with the idea already.
The TL431 circuit is also simple, and you don't need to worry about shoot through. I'll even argue it will be more simple.
I do agree that the MOSFET version is a good learning exercise, but you'll find it will be more complicated in real life than on paper. Try building it in SPICE if you want an idea of how it will work. For the purposes of simulation, you can just use voltage sources as your batteries.