Any permissions to Control.exe will be a user group setting.
Any Registry Key restrictions would be set in the currently logged on users registry and would therefore require applying to every user (while you were logged on as them) to end up in the correct location so that they applied to that user only. If you were to set it in the HK Local Machine Key it would catch the Administrator too as well as all users.
If you were to just restrict access via Control.exe it might not work if users have other access to Control Panel such as via My Computer folder or the Start Menu. You would have to block access on all the .CPL files in Control Panel (found in System32).
In other words the Registry options seem more practicable.
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