Hypotensus is always quicker
Your planned route using the diagonal on I-44 will be quicker.
Meteor Crater -- is one big hole in the ground. If such holes are of interet to you -- it might be a good stop for you. I am afraid it has never held much fascination for me. There are some truly amazing photos captured by JPL scientists of this hole at http://neo.jpl.nasa.gov/images/meteorcrater.html
On the other hand -- if you have time for a sidetrip -- don't pass up a drive thru Monument Valley. From I-40 exit north on US-191 at Chambers, Arizona and drive to Bluff, Utah (I know this is a bit of detour -- but it is very cool) and then drive south on US-163 through Monument Valley. If you have time, it is well worth the entry fee to drive the loop road into the Navajo Tribal Park. Truly an awesome scenice drive!
Once you reach US-160 at Kayenta, Arizona proceed south to US-89 where you can either go south (maybe another detour to see the Grand Canyon at Cameron) or bomb back to I-40 and west again. OR go north on US-89, cross the Colorado River at Page, and follow the Vermillion Cliffs up to Zion (drive thru the park) enroute to I-15 and on to LAS VEGAS!