I don't know about advantages for those specifically, never made that. Pin nocks vs. traditional?
What I like about pin nocks - When stringing the bow I know if the bow is nocked for sure, it seems to pop in place. Sometimes with overlay nocks one side doesn't sit right.
I'll put one thing into play - be curious to hear other people's opinions. I'm thinking pin nocks the tips are a bit more trouble to get REALLY narrow because you need to allow for the string to sit with enough room so it won't pop over the side. Overlay tips a groove can be cut the spans the entire nock, that is the string is nocked in and around where pin nocks it's just around. So, overlay may be better for narrow, performance tips.
Far as the tear drop nock - I think it's just aesthetic - what people like. But like I said, I haven't made 'em...