I'd need to consider the use.
tbeb - - You mention that, "User of gun will be a 5'-2" petite lady." Will she be actually carrying the revolver on her person, in a purse, in glove box or console of a car, or keeping it in a drawer, for home defense? Either revolver can be fitted with fairly compact stocks, either plastic, wood, or rubber. CDNN has a wide selection of wood stocks for both brands, at reasonable prices. These can be modified with rasp and sandpaper, to fit the hand of the used, and then refinished. I would NOT modify the Colt factory stocks, as these have some collector value of their own.
The model 10 is somewhat smaller and slightly lighter piece, and lends itself to concealed carry a little better. You'd want to do a certain amount of testing to find a particular load that shoots to the sight setting of the S&W. The adjustable sights of the Colt make this an easier task.
The Colt, being a heavier-framed piece, and manufactured after 1950, would probably bear up longer under a diet of +P level loads, though it would take a lot of shooting to wear out either piece. You might want to check back on your other thread - -
http://www.thehighroad.org/showthread.php?s=&postid=916324#post916324
- - for my, and others', remarks on this aspect.
As an aside, if the piece will be used for true target shooting, the upper level PPC match shooters, at least back in the 1960s and -70s, felt that the rifling characteristics of the Colt .357-bore barrels were somewhat more accurate with "soft" wadcutter loads. I was never
THAT good a shot, myself, that I could discern the difference.
At the same time, though, the bore of my Colt Three-Fifty-Seven, from the same era, handles heavy .38 handloads well enough to be interesting at longer ranges (up to 200 yards.)
Is there any consideration that this will be mostly a training revolver, and might possibly be sold off for an "upgrade" later on? If so, the Colt, if kept in fine condition, will bring more money in the long run. This particular model was produced for a relatively few years, cost more than a Colt Official Police or a Smith & Wesson, and consequently, is considerably less common than the others. Scarcity = increased collector demand.
Whatever your choice, good luck.
Johnny