This is a really tricky thing to nail down as an EM. My first eng leadership role I was promoted out of the team. Everyone already knew I had what it took (I was one of the core group pushing hard to get the product out the door) so "engineering respect" came naturally. Fast forward to being hired as an EM - I realized I had to earn this all over again AND I couldn't do it just be being another peer in the trenches. Being an authentic leader is _hard work_, but it pays off when you see your team succeed.
Sorry for the late reply, but for me: 1) ICs happy, learning, w/ good work/life balance AND 2) project work delivered at high quality in a reasonable time frame. Personally, when in doubt, I sacrifice #2 for a while.