Well the old system didn't actually involve any form of election. The Lord Chancellor was a cabinet minister who, having been appointed as such, presided in the House of Lords, even on rare occasions when not a member of the House, though only briefly. So it wasn't so much a change of system as the introduction of a new system.
I suppose the first experience the House had of elections was in 1999, when most of the hereditary peers left. We had a very convoluted system then, which I won't try to describe and which I doubt anyone would want to go back to. In one election, for example, members were required to list 42 candidates in order of preference. So this was a novelty for the House of Lords.
I think the most useful thing I could say is that I have heard no suggestion at any stage that we should move to any other system. I should perhaps qualify that by saying that the exhaustive vote system, as I think you call it, in which you have a succession of elections, which you use at the moment and which indeed the House of Commons at Westminster has been using recently, is probably not one that would be acceptable in the House of Lords. But no complaint, either at the working of the system or at the outcome it has produced, has come to my ears.