Yes, reservoir can be drilled MPD with subhydrostatic pressure. You will need a fluid system and additional surface pressure (WHP) to balance your reservoir pressure. With MPD, your aim will be to keep the BHP just above the reservoir pressure during the drilling, connection, tripping. Completion operations.
With UBD, you will create the BHP below to the reservoir pressure, thus enabling the well to flow during the drilling operations.
The benefits of MPD are recognised as it minimizes drilling problems. UBD benefits are mainly recognised as it minimizes or mitigates reservoir problems.
For MPD, your surface equipment setup can be quite small and much easier to rig up. For UBD, you will need a surface separation system to take the reservoir fluids, separate it and handle it on surface.
This is just the basic overview of the two. If you are after solving specific challenges in drilling your reservoir, you can possibly list them and the group maybe able to help you choose the appropriate technology to solve your challenge.