Picked "don't care".
Back in the 80s wool was cheap at army surplus store and the like. The itchiness didn't bother me too much. It did annoy me that the guys with 300 wt fleece dried out much quicker and didn't have to deal with mothballs. Wool also seemed to weight more (but I'm not sure about the warmth to weight ratio). And the cuffs got pulled out of shape after a few cold water dunkings followed by the rigorous wringing-out phase. (EDIT: All my wool clothes from this era were eventually accidentally shrunk, sigh)
So I got fleece as soon as I could afford it. Then I noticed that fleece melts when near campfires or when picking up a hot stove. That's annoying. The smell never bothered me or companions, but I've never hiked in the winter for more than a few days at a stretch.
Now I generally use 100 wt fleece pants and pullovers, but stick with wool for mitts and socks.
I also now find that a nice wool shirt is great for hanging around the campfire, trailwork, cutting trees, and so on. Wool feels like a more sturdy layer of protection which is nice for jobs where you can get poked and scratched.