Personally I would always go for the longest distance, especially from Masters tees where you can cut corners on some tee shots. It is easier to hit a shot at less than full power if you need to, but you can't swing harder to get those extra few yards.
The shorter the approach the better chance of getting the ball close (well theoretically lol)
Just get to know the courses and where to drive to, - example is 9 on BPG or most holes on OLY where placement is vital.