The obvious difference between MSCC and the Aero 8 club is that whereas in the MSCC you can be a member with any Morgan, or even a non-owning enthusiast; to belong to the Aero 8 club, you must own an Aero afaik.
Given that under 500 Aeros exist, the Aero 8 Club is also much smaller (I'm not sure but I believe it is limited numbers - under 100? Again, others will confirm these details if I am incorrect)