If I were an extremely masculine person with a vagina, it's doubtful that I would even bother trying to present as female. I would just harm the TS image as a whole, for one. Secondly, presenting as female while not possibly being able to pass would depress me more in the end; the social ostricization that would go on would be worse than living a lie to myself. I can handle my own enmity, but I am not the kind of person that can simply "not care" about what other people think about me.
That sounds pretty miserable, as a vagina would not even allow intimacy if I were to just live as male.
... So, I would pick passable with a penis. It's a lot more manageable for my personality - I won't cheat by wanting both