Hi TAB, At first glance it would appear that AIMing the components will give superior results to AIMing the index itself.
BTW, I didn't attempt to optimize the settings other than starting Cash Reserve was based upon the IW. I also didn't allow any one sector to buy past its own reserve limits. Two, Technology and Telecommunications ran out of cash. The other eight still had buying power left if needed. I just used monthly AIM and 10% SAFE. I'm pretty sure that any improvements would still keep it so that the components AIMed would beat the diversified AIMed Index.