The following graphic is used in the book.
Michael Horton. Christless Christianity: The Alternative Gospel of the American Church (p. 196). Kindle Edition.
There is a huge difference between the two approaches. So the question for me becomes, is either one okay? Does God care if we land on one side, the other, or somewhere in the middle. Or maybe this is not a fair representation. I know that many who I consider to hold to the "Law Lite" position do not see themselves in that mold, and would argue that they do hold to the gospel.
Because these positions are so divergent, I don't think both can be acceptable. However, I do believe that God has some in each party, just as Satan has his minions on either side. That's just my opinion. I am not saying the theology is unimportant. I just happen to believe that a heart for God trumps bad theology. Jesus said the first and greatest commandment was to love God with all your heart, soul, and mind. I believe that if that is done with all sincerity, God will honor that love and provide a way.