If money is not an issue, it is a no brainer. Go with the extra 1/4hp and the longer travel. The smaller one will be adequate 98% of the time but you will regret it that other 2% of the time.
However I got a nearly new 3/4hp drill with 4" of travel essentially new for 20% of retail and am perfectly happy with it.
However I got a nearly new 3/4hp drill with 4" of travel essentially new for 20% of retail and am perfectly happy with it.