If you ever read tutorials using old style object...
I even worked with them in the late 80's, early 90's

They still didn't strictly need an Init constructor but it was good practice to initialize your variables. And yes... the New-command needed to be adjusted to work with the new Init-call (as did the Dispose-command).
But here we where looking for the advantage over using Classes. When using pointers to Pascal Objects and creating them on the heap they become just like classes so there would be no advantage. And you would still need to call Dispose to get rid of the instance (which is not necessary for the direct variable).
The question is... is there any advantage (or downside) over using a (small) Pascal Object directly as variable, because it will be on the stack. Is the really a noticeable speed difference?
I personally wouldn't use a Pascal Object directly in a variable, even if it was on the stack. I learned early on that stack space is very limited and when doing lots of deep procedure calls you never know how much stack-space you still have left.