Well you can do both but why clinch the leads ? You are not referring to the SPOT process my friends at Camelot talked about some years back are you ?
You can dispense paste but it�s a lot slower than printing. You can select a pin and dispense directly over it Camelot had a high speed video of this some years back.
As the majority of applications for this process are connectors, sockets headers there is no need to clinch. I have been involved with a process of dispensing where a multi pin was used to place paste onto the hole board at once but that is a high tooling cost.
The volume of paste to meet you inspection criteria is the same, however the normal dispense grade of paste does have a slightly lower metal content ?
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