I'd imagine Blizzard's implementation is going to be more efficient than anything you can come up with. They have access to the engine while you only have access to functions that they've made available to you - an extra layer of abstraction.
For example, the very act of using a Damage Event causes a drop in FPS that normally wouldn't be there without it (afaik). This is only noticeable when units are actually taking damage, but in a lot of maps that is a constant thing.
This leads me to believe that Spirit Link is heavily optimized and doesn't rely on such Events.