If the signature fabric is important, then this alternative wouldn't work, but the outlet in my area has LOTS of the leather flap bags in the size you listed at a GREAT price. Perhaps that would allow you to have both?
If you must choose just one, I would choose the tote, simply because I think it is more versatile. Of course, I commonly carry a slightly larger bag than the flap, so I am clearly biased. But I really like the look of the tote when it is being carried, as it is not slouchy at all.