As I understand it, you live in California (or at least nearby), and frequently visit DL...
Having the flexibility to use your points in California at 11 months might matter to you - I know if I went to DL frequently, having points I could use there easily and flexibly would matter to me.
TOT is only paid when you stay at VDH... which you would have to pay even when using your Polynesian Points there (or any others), so I consider that a wash... Conversely when you use VDH points to stay at Polynesian, you don't pay the TOT...
It sounds like, maybe VDH is $3k cheaper - and the length of the contract is meaningfully longer - I feel like 10 years?
My personal view is that VDH is likely to hold resale value not at VGC levels, but at an elevated level, at least for a while... It is an iconic location, in a park with only two
DVC properties (for now)... Very different than WDW which probably has too many DVC resorts at this point to be honest...
All told, if it were me, I'd save the $3k in up front costs - especially since it sounds like you are financing - and buy VDH.