Basic-Expert-Companion-Master's. The version of D&D I learned on, starting with the Moldvay "Red Book" of 1981 (the BECM series actually began with the 1983 Mentzer version, which had almost identical rules). Pretty much my favorite version of the game.
I'm unsure about allowing multiclassing. If it were really essential for players' enjoyment of the game, I'd have to include it. But is the flexibility in character concepts worth the risk that the game will become more about character build optimization?