And this might be going a bit off track, but totally related to this question this is what I know from a year at L5 and a year at L7 and from our coaches:
No bonus for doing BHS instead of BWO at L5 - and no penalty for doing a BWO instead of a BHS. It really depends on what the kid does better which she should compete. (same thing for the switch leap on floor and bars layout dismount - these are upgrades that aren't rewarded and the other options aren't penalized at L5)
At L7 - kids can do what is better for them with no bonus and no penalty yet again - so for example on beam, the series can be a BWO - BWO, or a BWO - BHS, or a BHS - BHS and there is not a penalty or bonus for doing one over another. Floor - you can do a FHS - FT or FH - FP, no penalty, no bonus with either. Something we saw at L7 was a vault variation - most times just a FHS vault, but some of our kids would do a FHS full vault instead. No bonus, no penalty once again.
Our coaches have informed us something is changing a bit for L8 this year. It actually was supposed to take place last year, but since it wasn't in writing it wasn't enforced (our head coach is also a very active judge). This is the change: there can be (CAN is the operative word) a deduction this year at L8 if the kids don't have the skill level that most do on an event, even with the kid hitting the required number of As and Bs in a routine. So for example, if on beam, the kids are pretty much all doing BHS-BHS for the series, and one or 2 do a BWO-BHS, (another example - CW-BT beam dismount vs RO-BT dismount) - there can be a slight deduction for the kid not doing the higher level skill that other kids are pretty much all doing. We are talking a pretty small deduction - could be .05, .10, .15 said our coach - but it is something our kids need to be aware of.
So at L5 and L7 no bonuses for doing the 'harder' skills, or deductions for not doing the upgrades. But starting at L8 there are new considerations that come into play.