If they both reference the same thing, then i see no issue using either. Remember changing .material will create a new instance (new draw call), if you can you should really be using sharedMaterial. But as to the question, i see no problems using either,
saying
gameObject
references the GO that the script is attatched to. Then saying
gameObject.transform
referces the transform of that gameObject. You can skip the first just using
transform
which references the transform associated with this script (component). Similarly, you can skip that and just call
renderer
which references the renderer associated with this script (component).