New name is definitely positive sounding
I think you need to reflect on why you want to study, what you want to get out of it. If you want it to appeal to potential clients, there seems little point going to the trouble of studying if it's not going to give you the ability to call yourself 'qualified' and bung some letters after your name tbh.
If it's for your own interest and personal development, the MA would seem the best option, plus it ticks the practical business-benefit boxes as well.
I can't see the attraction of the employment law one. If you are studying to make yourself more marketable I don't think that will achieve it and if you are studying for your own personal development and to challenge yourself, that's not going to do that either if you can pass it 'without stress.'
What is it that is really putting you off getting your CIPD done? If you feel it's going over stuff you've already done, yes that will apply for some of it at least, (and does for most people), but you will still learn something. Also, if that's the problem, why would you consider the employment law course? In your position that would surely involve the same problem?
Is it that you feel it is beyond you, and will be full of people starting out? Probably true, depending on how you do it, but if that's the reason it's cutting off your nose to spite your face a little isn't it?
I forget how senior/experienced you are, is professional assessment an option rather than study to get yourself qualified?