I would (and did) go with the less expensive frame and nice parts.
I was trying to decide between a modest build on a nice frame or, a nice build on a modest frame. I went with the latter. I built up a Surly Cross Check frame with King hubs and headset, Thomson post, Salsa stem, bar and skewers, XTR rear, 105 front, barcons, etc. I love the bike. The Surly frame is heavy, but it rides really nice and is an incredibly versatile frame allowing you to set it up however you want. I'm glad with the decisions I made and would do the same thing all over again.