I think they're equal. I'd trade the 00-01 title banner to get that team into the Final Four, but at the same time I really don't desire to have a ton of years where we suck in conference and kick into the Sweet Sixteen.
Maybe every year S16 would be worth sucking in the regular season? IDK, but that isn't usually how it works. Teams that had mediocre regular seasons make it to the second weekend every year, but no team does that consistently.
The best way to get to the S16 is to 1. be in the tournament and 2. have a high seed, which you're almost definitely going to do if you win a P5 league. Doesn't guarantee success in the tournament as we found out recently, but it certainly helps your chances. It's not like tournament success is totally unrelated to regular season success.
Bottom line: the notion that the ONLY thing that matters, period, is the single elimination NCAA tournament, and things like BTT titles, regular season conference titles etc. not only don't matter, but if you enjoy those things you're worthy of mockery, is a crazy notion that frankly sounds like an absolutely miserable way to watch sports.