The Microdrive is definitely compatible with your 602 in all respects.
The CF might be. If it is I'd lean towards the CF. But you'd have to find somebody who's confirmed it's ok, or buy on exchange if you can. When you get the card, run continuous movie at 640X480. If you fill the card it's OK, so post some news here. If everything else works, and you're not bothered about movie, you might still be happy.