One of the design decisions I have to make is whether to use 2.5D or 3D modeling:

I can do both, and neither is particularly easier than the other. The decision rests entirely on the client and what look he wants for the derby cover.
3D gives a more natural, “organic” look.
2.5D looks less natural, but I can sand and polish it to a mirror finish. You can’t do that with 3D.
So the question comes down to the finishing: If you want a mirror finish, I’ll use 2.5D. If you’d prefer a more natural, sculptural look, I’ll use 3D.
Simple.
PS: 3D vs 2.5D is also used to describe a physical process that either does or does not allow undercuts. For example, most CNC routers can not make undercuts, while the 3D printing process I use can. I am using 3D vs 2.5D in a different way in this post.