For me there are many facets to this question. I would like to begin by saying that it is hypothetical. I agree with James, and I would NEVER wish to do anything that might harm the working wage of myself or my fellow writers.
Secondly, I have some very hungry mouths to feed as most of you know. Those babies are more important to me than my rep or my pocketbook. Every penny I earn goes into their bellies or onto their butts. Until I am less worried about that (as in more financially set) I really can only hypothetically answer this, as I will be a greedy little thing and go for the cash. Any parent would.
As an artist, which I have been in many forms for many years, this resonates with me a great deal.
If someone else is making money from my work, I want to get paid. But I'm all for free art. My town is very big on that, and I love it. For the most part, it's the art school and/or art departments/societies doing that, so there is no quality problem.
I can think of several places I'd give my work to for free. I'd be very happy if they accepted it!
I could not in good faith pursue painting because I didn't wish to sell my art. Maybe that doesn't make sense to some people. I still paint, but I do so to make my friends and family happy and to beautify my world. I work in several mediums and I never charge for my work. I am very generous with it because it is important to me to give back to the community that is so generous to me. This is present in my writing as well to a degree because I hope that every person who reads my work can carry forward the positive aspects and utilize them in their lives, thus touching others as well. Even if I am paid for my work this is something that is spread freely.
If it's for charity, sure. But if someone expects to turn a profit because of my hard work, they better pony up the cash.
I would never, ever do for free something that someone else made money from.
If the actual essence of your question is what do I value more (good)reputation/fame or money, I'd most certainly go for the former.
I think this sums up my feelings precisely. As long as nobody else made money I would take the fame.
It would also be of importance to me to have more control in the presentation of the work, the cover design, and perhaps the editing process itself. I would want it to be absolutely perfect for my name to be on it.
I cannot imagine NOT writing, so I can't say no to this. I mean, I write NOW and don't get paid. I hate to be a snot and say that I would turn down a publisher on some high moral grounds. Yeah, I don't want to get ripped off or cause trouble for others, but really? I'd probably go for it. It's more than what I have. Everything is worth something.
We place a lot of value on money today, but is reputation of so little value? Can you not imagine a way to cash that in?