Hi Sean,
In case you are planning to buy your rig new, and go for an alu housing, e.g. Naurticam, I would recommend the OM-1 for the reason stated above (similar IQ, but better AF). When you add up the money, the contribution of the camera itself is a small percentage to total costs. When buying EM1-III you pay almost the same and have the.slow AF...
In case you want so save money, a second hand EM1-II with alu housing is the way to go. Siilar upgrade in IQ as from EM1-I to OM-1, but much cheaper. Several here (including me) have it and it works very well, although C-AF&Tracking could work better...
Whether MFT, APS-C or FF is a personal decision and despite numerous articles/reviews difficult to decide. Most professionals have FF, but with amateurs it is different, many have smaller sensor, some even have dorngraded from FF. Everybody will tell you that his/her system is the best...
It depends also, how satisfied you are are with your EM1-I IQ. I case you find it o.k., OM-1 is the way to go, as you have already everything except the camera/housing...
Wolfgag