Chad,
The AP74 is a very useful component of the AP system. It allows you to engage/disengage the AP, and select HDG, TRK, NAV modes as well as ALT. Without the AP74, you would be constantly going into the menus of the EFIS to toggle these choices. The only component of the AP74 I don't use is the value knob. That's because the value knob on the HS34 performs exactly the same function. In my aircraft (an RV8) I've located my HS34 directly below my D10A (which I use exclusively in the HSI mode). The AP is off to the side and a little less accessible. If I didn't have the AP74, I'd be constantly toggling thru the AP menu to change HDG, NAV and ALT. If you plan on flying IFR with this AP, The AP74 is a must, as there is a lot of toggling between HDG,NAV and ALT.
-Alan