I'm torn, but I think I'd go with SRS first, since my face isn't how I want it, but it's acceptable. Also, I can forget my face a lot of the time, but the bits down there and how damned uncomfortable they are all the freaking time... that's all 24/7 (well, minus sleep I guess).
I don't care a ton about being able to have sex, so the presence of a vulva isn't all that important in this. It's mostly the absence of a penis that matters. Not that it depresses me to no end. I do hate it, and it does make me feel awful when it gets excited - because whilst random erections have disappeared, they still happen when seeing sexual content or even thinking romantic, non-sexual thoughts. But it's the most uncomfortable thing in the world. And sometimes I walk and the tucking comes undone. Feels sooooo awful. And even if no one were there to see me, I can't fix it because my hands would get smelly.
But if I can, I definitely want a tracheal shave around the same time as my SRS. My Adam's apple isn't hugely obvious most of the time, but it's apparent. And most importantly, uncomfortable. It's only grown relatively recently (when I was 19 I think), and I think that's why it feels like a foreign body in my throat, getting in the way of every movement.