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HankronRamram, for me the answer is simple. If the price was right, I would buy both.
The main difference between many early photos and trading cards is that a particular photo is rare to unique while the trading card is one of thousands on the market. With the photo it's take it or leave it. With the trading card you can wait for a better one to come along or find a better one right now.
Also, while the image is key, the overall appearance of the photo (including it's mount or borders or whatever) are important and do effect desirability.
For the record, I don't have an interest in paying for Mint tradings and, as far as photos go, grade Ex is as good as grade Near Mint to me. If a quality photo has an extra nick to the edge or a wrinkle to the far left border, it usually won't make me pay any less. And if someone says, "I have a Gem Mint 1925 Ty Cobb International News photo," I will say, "That's interesting, what kind of papercuter did you use?"