I don't have a lot of experience with my post hole digger (probably 20 holes or so in rock laden clay), but I would recommend the heavier duty unit.
It's true that the bit does most of the work, but all the torque applied to that bit is transmitted through the gearbox, and when the bit hits a rock and before the shear bolt snaps, that force is applied through the gear teeth.
With the number of holes you've got to drill, I'd recommend the heavy duty unit. If you don't need it in a couple of years, I bet you could sell it and recoupe much of your cost.
By the way, I've got a Woods 1160. I had originally ordered the lighter duty 1130, but when I checked the specs. and the difference in price, I felt the 1160 was a much better deal. (The 1130 was only good up to 12" bits. I think the 1160 can handle up to 24" bits. When you see the 1130 and 1160 side by side, the 1160 is visibly more massive.)
Hey...it's only money. /forums/images/graemlins/crazy.gif
Good Luck,
~Rick