Phil,
The new hinge is a great improvement over the old one (I've got the old one and like it fine but I've seen the new one). If You prefer not to have the rivets showing, You can bond the hoop to Your hood. The pins were used when One did not use a hinge at all but pinned it down in the front and used the locks at the rear. Having the hinge will mean that You Won't have to retieve the hood from the side of the road when You forget to put the pins in.
Tom