The obvious advantage of ventilated discs is cooler brakes, which in turn means less fade,
which also means shorter stopping distance.
Im using duralast part number 3290, which is the brake rotor for a 1995 tercel coupe. You will also need a caliper,
but i do not have one yet so i cannot delve into that yet.
Here is a side pic of the ventilated brake rotor:

Notice the minimum thickness, 17mm. If im right the FSM for the AL21 (tercel 2wd wagon)
is about 7mm. This poses a problem, The stock caliper will not fit on the vented disc. this will
require a new caliper, & possibly custom brake lines.
Side notes & comments:
I heard the rotors & calipers on the Paseo mount the same as the tercel coupes, but they are bigger.
In theory, they should fit with bigger wheels. (im not sure of the paseo's stock wheel size, i believe
they are 14's)
Another advantage of this conversion: plenty of performance rotors are available for the newer tercels
& paseos, i plan on buying some slotted discs eventually.
The 91-99 tercel calipers use the same brake pads as our wagons.
I did a test fit a few weeks ago, & saw that it was scraping the dust shield. It will probably have
to be modded or removed. (or maybe the shields from a AE86, newer tercel, or a paseo will fit)