I would go for trophies every time, and Im sure most clubs fans would. It is good to finish in top 4 and play CL because its glamour, but realistically only one of the top clubs are likely to win it, so we end up with nothing as fans except to say we were in it, whereas the club makes a lot of money, but not enough to compete with the Arabs, Russians. Take the Arse as an example, 15 years on the trot of CL football, but no trophy for a long time, are their fans happy? but I bet their shareholders are. Any trophy guarrantees european football, and its only the profile and money that makes the CL so glamourous, but the europa league has some great names in it, and is nearly just as difficult to win IMO.
For me its the other way. I know no one remembers you as a 4th place team and if you only get to the group stage of the CL, but I like to see us pitted against the so called best teams. It seems like a way of judging how far we've come (or not as the case may be).