I would definately pick the second combination of the 2 you mentioned.
A better comparison would have been 400mhz @ 2-2-2-6 vs 433mhz @ 3-3-3-8. In that case, then yeah, the lower latencies would make up for the difference in clock, so I would choose the first option, but going from 333 with lower latencies to 433 with higher latencies doesn't compensate for the 100 mhz clock difference.