The different models were products of different times and price levels. The Classic was the top of the line built with higher quality materials and more standard accessories. It was also the heaviest. The Towlite was a lower priced and lighter weight unit. The materials were of somewhat lower quality and had fewer amenities and standard accessories. Towlite started out with a wood framework and aluminum exterior then went to steel framework with fiberglass exterior. The Funlite was a middle of the line model that had part of the Classic construction and amenities. The Funchaser was an in-between model as well just made at a different period of time.
Here is a link from the Forum library that has a collection of Hi-Lo brochures that you may find interesting:
https://www.hilotrailer.com/home/then
It probably explains things better than what I can.