CB QuickStart is a pre-configured bundle to quickstart a social media site. It comes with a lot of custom fields created for you and applies a lot of configurations for you. So if you think that's what you need then I would recommend using it otherwise installing plugins selectively for your needs would be the best option.
You also provide Presets for GroupJive and CBSubscriptions. Are these the better option?
They're just bundles. The GJ bundle includes GJ and all of its integrations. The CBSubs bundle includes CBSubs and also all of its integrations. As for them being better options or not it depends on if you intend on using all of the integrations or not as they're just convenience options.
Should these be installed on top of Quickstart?
If you need them, sure.
Whats your opinion on QuickStart followed by installing newer plugins on top of the old versions?
CB QuickStart itself is just a plugin that applies configurations. It bundles the other same plugins with it. So CB Activity in CB QuickStart is no different than the CB Activity you'd download separately. Basically there is no new/old here as they're the same versions.
I strongly recommend only installing what you intend to use. You can always install more plugins later if necessary.