Are you an owner or design-engineering contractor?
Here are some thoughts to help you decide. You do not say what your process service is. If I knew that I could be more helpful.
Most owners already have specifications in their piping specs as to what flange shall be used on what line size in what service. (Poor grammar... it's Friday and I don't feel like correcting it ;-) )
For a slip-on flange, the B31 codes allow, I think, 30% of the fatigue strength/life as a weld neck.
Usually the SIF is not the controlling factor in making this decision.
As far as I know, neither of your choices (socket weld or slip-on) allows you to do x-ray NDT so you will have to be satisfied that the other NDT methods will help you sleep better at night. Both SW and SO use a fillet weld which is not a full-penetration strength weld, as is a circumferential buttweld.
Most owners that I've seen use socketweld in this service, not slip-on. Most owners only allow slip-on in certain process services, e.g. 15 psig or less and 100° F or less, for example, in atmospheric plant drain lines, utility water, low pressure condensate return, etc.
Thanks!
Pete