All you need to do to convert to emulsion shock setup is cut out the center of the bladder so it looks like an o-ring. If you leave a piece of the center in you will have inconsistent shock action, i.e. the oil will squirt through the bladder hole, it needs to be cut like an o-ring to work properly, and if it leaks...you basically screwed it up. Here is a great video from a TLR driver, Mike Truhe, demonstrating how to do this...
http://www.youtube.com/watch?v=eWBAKC-c1s4
The whole method is the same on the Shumacher BB shocks, only ours are prettier
. I personally think that the emulsion shocks are a bit more consistent but there may be situations where bladders may work better. Drive the car with both setups and see what YOU are more consistent with on your home track.