As I see it a constant light set up will allow you to shoot at a faster rate (no recycle time to worry about) so can be good for subjects where a quick shot might be needed such as catching a child's expression. The disadvantages are the heat output which can make it uncomfortable for your subject and the fact that they deliver less light so you need to push the ISO up to get a decent shutter speed.
In theory a flash set up will give you more controllable light and as the output is much higher will allow you to shoot at base ISO. It is much easier to shoot hi key shots with flash as it is much simpler to blow the background. When I was looking to get a studio light set up I opted for flash as it suits my needs better and seems much more versatile. I have yet to come across a situation where I have wished for a constant light set up instead. In your situation I would be tempted to sell the constant light set up and spend the money on an extra flash head or some modifiers.
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