Interesting poll. I feel that both can be strategic partners for India in different ways. Here are the different aspects I feel both can be good or not:
Militarily:
Here Iran is of not much use to India, firstly due to different equipment and technology, different doctrines, different threat perceptions and different mindset. While setting military base in Iran is not of any use to us either since our threat scenario is just adjoining us in both West and East.
Whereas Israel which shares almost similar threats, has more commonality with our weapons (since we buy from them or from companies that are in joint venture with Israeli firms), is the most experienced in dealing with urban warfare and urban counter-terrorism, has immense technological capabilities and acts as a window to the West.
Economically:
This is where Iran can have a slight advantage. Simply put, Iran is rather blessed in non-renewable sources of energy and due to reasonable close ties with them, I think that we can reduce our excessive dependence on Arabs; just a hint not to get too cosy with Pakistan on Kashmir issue or help the latter financially in 'different' ways. There is an additional advantage if there is something being thought about transporting oil and gas from Iran into India without bringing Pakistan into the equation. It might be expensive, but it is better to spend an additional couple of billion dollars than to have an unstable, fanatic, terror-ridden rival hold the entire nation at ransom.
Due to good ties between Russia and Iran, even Russian gas and oil can be taken through Iran, into the Arabian sea and enter India via Gujarat. This is seriously pocket draining matter but its better to be safe than sorry; the other option to get direct oil from either of these countries would be to invade POK and take it by sheer force. Not to forget all the political pandemonium after the invasion domestic and international and then having to again spend billions in drilling the mountainous terrain for pipelines.
Israel despite its limited resources, does still not lag behind Iran in this sphere very far away. Their stable government, strong pool of scientists and engineers and their immense technological capabilities means that Indian firms entering into new areas (already entered by Israelis) can have a huge potential for growth and development through sharing technological knowledge. This would enable our firms to operate along Israeli lines of cut-throat efficiency and get the best results for Indian consumers.
Strategically:
This is a sphere where both can be equally valuable for us. Iran despite its radical Islamic theocracy, still manages to set itself apart from the radicals of Arabs and hates them to the core. The Iranians pride themselves in their different ways of life, culture and ways of life and have far more warmer ties with India than the Arabian leading nations (Saudi Arabia, Kuwait who have a cold attitude of looking at India through the religious prism: While UAE and Qatar are neutral and Bahrain and Oman are closer to India).
Another fact that favors India is that so far, Iran is the only Islamic nation (barring Afghanistan) that supports India on Kashmir cause while the remaining 50 or so states strongly support Pakistan's stand. Here we earn a valuable strategic partner in the region that has a certain regional clout.
Israel with their immense qualitative superiority and powerful influence on American politics can have a positive impact for India. While Clinton Administration was considering a change in their opinion about India, it was the Bush government that actually did so in action; an action often considered in strategic circles as the pressure of the strong Indian-Jewish right lobbies in the US government that enabled the world's sole superpower to bend in our favor. Israel is also the only Middle Eastern country that not only unconditionally supports India's bid for permanent seat in the Security Council, but also supports the view of involving India more into global security matters with more power.
Therefore, I think India should keep a fine balance between the two whereas make sure that it keeps the balance such that it doesn't have to choose either.