I was able to do some research on the semi flat felled seam and the full felled seam. It seems the semi felled seam is by far the most common for boat covers. The only advantage of the full felled seam over the semi felled seam is a more finished look on the under side. The strength of the seam is only about an additional 3%. So, it would go from 95% strength (semi felled seam) as compared to the material strength to 98% strength (full felled seam) as compared to the material strength. So, the pros are slightly stronger and more finished look on the under side. Cons would be a little more sewing, additional thread used and the seam itself would use about 1-1/2 inch of material rather than the 1 inch of material uses with the semi felled seam.
This is my understanding of the difference between these two seams. If there is any additional information, let me know.
I also checked on sewing needles and from what I found, the Singer 4423 using a Singer needle is limited to a #18. I could not find a larger #20 singer needle. That brings up two additional questions. Can the Singer 4423 use a #20 needle of a different brand? And the second question, is there a big enough difference between the #18 and the #20 needle to make a difference when using V92 thread?
It may sound like the only thing I know so far about sewing is what I have read. That would be totally correct. :-(
Tom