Did a quick calculation re SuperheroIt would cost $31,878 to buy...

Did a quick calculation re Superhero
It would cost $31,878 to buy the 300 shares plus $1,500 brokerage, so $33,378 capital outlay.
Selling down to 1 share would yield $26,378 (excluding the spread) after the $5 sale brokerage.
At current prices the 300 shares are worth $3,940.
So exit proceeds would be $2,440.
So the cost to setup & exit would be $4,560.

With the current valuation of my 300 shares, $3,000 application fee & brokerage the same setup & exit would be $5,842. And I've had the benefit of capital gains since the end of Sept.

Re on going brokerage
15 SPP per year at average allocation $15,000 with 5% gain would have brokerage fees of approx $1,535 with SPP Harvester vs $75 on Superhero

SPP Harvester
Gross profits $11,250
Less brokerage -$1,535
Net $9,715
Less performance fee 20% -$,1943
Less annual mngt fee -$540
= $7,232

Superhero
Gross profits $11,250
Less brokerage-$75
= $11,175


So the answer is yes it is cheaper if you can buy $100 of shares via Superhero & considerably more profitable going forward.
However the paperwork generated would be horrendous.
300 ASX holding statements, updating tax & bank details on 300 registrar accounts, dividend receipts of a few dollars or less x 500+(?) a year.
You certainly would to have a separate trading account you only used for SPP's plus a separate HIN number IMO to keep things simple.