Good question. If the model demonstrates simple structure (isolated unidimensional patterns), and there's no real dependence between the simple structures (e.g., no constrained slopes or something like that) then it technically makes little difference asymptotically, though if the correlation between the traits is non-zero and reasonably strong then you could gain some additional power by utilizing the multidimensional structure. However, numerical integration becomes a limiting time/computational factor, so there's that to consider too.
Basically, if your sample size is large enough then I don't see any real harm though in treating the structure as effectively unidimensional packets. HTH.