Oh I see. It probably depends somewhat on the size of the datasets. Suppose there are 1000 points. You could do 1000 individual selections/field calculations, or 1 spatial join (to an in-memory feature class if you don't want to keep it) then 1 join then 1 field calculation. I'm guessing the second option is faster, but haven't tested.
Darren,
In my workflow option 3 might be a better an option. Spatial Join produces a whole new feature class as an output, instead of transferring an attribute from a selected polygon to the point features within the selected polygon. Thoughts?
What's wrong with Spatial Join?
Ryan,
Did you ever find a solution to your question? Which option did you choose?
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