Do not use that ascii file! Start fresh. If all of your data is there, export it as an obj, and then import it into a new scene. That way you can make sure there is no corrupted data in your file. (FYI, you don't need to explode your model when you export as an obj)

Yes, ascii is almost always better than binary, except for the fact that the files are larger, and therefore take a bit longer to load. With your file, you won't see a difference.