Your most economical choice will be the one that involves the least expense. Converting the 96 to 4wd could be that choice.
Or, dropping the 96 motor in and converting it to Renix.
The real problem is that most of us can't do the math. We don't precisely know what problems you're specific conversions will bump up against. We haven't a clue how much you plan to do, what you're specific work area allows, and what intrinsic values you might have toward either specific vehicle.
Heck, we might pick the wrong one, not knowing about body damage and rust.
It's going to take some math skills, research, and some mechanical knowledge to figure out which is cheaper. And it might still come down to - which one do you want to drive as a finished result.
One final option - sell both and buy the exact one you would really prefer, not a cobbled combination that could still have continuing driveability problems.
A 4WD 96 with a stroker might fit the bill.