Here is how I see it. If you get an alarm, get a hood lock. If you use the Club, use a steering wheel cover or sheild. Without those additions, each is just about fractions of a second to being worthless.

You might be able to get away with not using a hood lock if you make the siren inaccessible and back up everything. I guess it goes without saying that quality of install is everything. Any alarm components should be well hidden. Unfortunately, most retail installation shops won't do that at their regular install rates.

[edit]Congrats on the new purchase. It looks nice.