I have an L175 with turf tires and a Woods belly mower. It works okay, cuts well, discharge is out the back. It acts like a big lawnmower.
Price wise, you will probably be better off getting a three point hitch mower. With the belly mower, mounting and dismounting isn't the biggest hassle, installing the belt and getting it tight enough are the big problems.
If you have to use you L175 for other tractor type chores, I would get the rear mount. If you have another tractor, get whichever type you prefer. My mower deck stays mounted all the time; but I also have an Allis Chalmers WD to do the plowing, discing and snow clearing.
I guess if I were starting from scratch, I would get all the implemnts to hook to the rear of the tractor. It is a heck of a lot easier to connect a PTO shaft than it is to route and tighten a belt.
Robert