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With M1, that's 6RP for 70g (4.67g/turn, 0.81g/RP/turn) vs 5RP for 100g (3.33g/turn, .67g/RP/turn)
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Yes, I used these numbers actually, and according to them the Master of the Way is a more cost effective researcher. Looks like it makes sense to build Ministers of Magic in a fort without lab or temple, but I would usually build a temple in each fort anyway, to increase my dominion. And don't forget that while Minister of Magic is generally useful only as a researcher, Masters of the Way can always spam Frozen Heart, they can be blessed and have Holy 1, etc. Still I now see that there are some situations, when Minister of Magic is useful.