Well here is my take....
By doing any kind of gear reduction, ie Diffs/transfer, you are merely increasing your torque at that point forward. So like you say if you do it in the Tcase then your driveline will be subjected to more torque, or "stress". If you do it at the diff then your axles will be the only one taking the additional torque.
As far as which one is better? Well idk. I think I would rather have the 1.5 reduction over the .7 reduction, but that could be more scenario based. I have had little experience with driveline breakage, and dont know what kind of limit the stock setup can take. I'm assuming that if they can handle the 4:1 gear set, then 1.5 reduction box should be fine.