Would you rather be under the Covenant of Grace, that Jesus gave, or under the "Law" handed over by the...?

Under Grace, of course. Don't forget, the Law of Moses consisted of 613 laws...all of which had to be obeyed perfectly. Human beings, due to their sinful nature, cannot accomplish this perfectly. Living under Grace means that you accept Christ as the one who fulfilled the Law for you and he became the sacrifice to satisfy God's anger for sin.