If I could get away with physical attacks, I'd opt for physical attacks. In most FF's (the obvious exception that springs to mind being FFXIII, where MP doesn't exist), MP is consumable and physical attacks are not and I hate running out of MP, bop pow bam worked for me just fine.

The exception to this is, of course, FFXIII where magic did not consume MP and magic/physical attacks were pretty well balanced because of this, just with different general effects.