Thanks for all the feedback, after some math it worked out minus is going to be better for quite some time, sold the +dmg to gear up elsewhere. 👌
It depends on your current build and what you are doing (as well as your pcount).
If you are target farming a boss/area, you'll want your total cold pierce to be whatever their CR is + 100 (for mephisto, you'd want 175 total). Once you have that # total cold pen, go for +cold dmg.
If you are TZ farming, keep reading.
There are about 440 "base" monsters (different names & resistances, e.g blood clan in tower cellar & blood clan in halls of pain).
About 130 are innately cold-immune (29.5%, but with affixes the actual percentage is higher).
7 have between 80 and 95% cold resist (duriel).
25 have 70 to 75% resist (mephisto).
8 have 60 to 66% resist (andy).
66 have 40 to 50% (baal, diablo).
40 have 33%.
39 have 15 to 25%.
120 have 0% cold resist.
Of the non-cold immunes,
~38.7 are at 0.
~51.3% are 25 or less.
~64.2% are 33 or less.
~85.5% are 50% or less.
~88.7% are 66% or less.
~96.8% are 75% or less.
With these numbers, you get to decide where you want your damage.
Do you want more dmg on every monster (+cold dmg) or more dmg on some monsters (-enemy resist)?
For a standard build. the optimal total cold pen spot, where 1% cold pen = 1% cold dmg for dps across all monsters is 150. Once you hit 150, more cold pen will have less return on your dps over more cold dmg (cold pen will have MORE impact than cold dmg below 150 cold pen).
Another thing to consider is what is slowing you down the most. If non-immunes are already getting 1-shot, any extra damage won't make a difference on them. And if they are getting 2-3 shot, then 15% won't make a noticeable time difference either...
tldr;
Aim for 150 cold pen before boosting dmg (via synergies or items).
If you are using high end doom & proctor frost & nw & facets, I would suggest +15% dmg. If you have fathom (or something else), -10% resist will almost certainly be better.