I'm looking at these two guys with my 1st pick in a keeper league. My keepers are Reyes, MCab, Hamilton, and Longoria. Standard cats with OPS.
Morneau seems to rank higher in most lists, but Bay has a better supporting case, better home ballpark, and puts up Morneau-esque power numbers with 10 or so more SBs. But I guess he doesn't have Morneau's 40-HR upside either. I can't decide.
I would take Morneau in your position. I do love Bay in all aspects, especially with the move to Fenway, but Morneau has shown time and time again that he can put up MVP numbers in Minnesota. He did only hit 23 HR last year, but that was due to his massive slump in September where he couldn't get anything going. And he still drove in 129 runs. Look for the power to come back, and a .300 average Bay hasn't given consistently. I'm glad you had it come down to two good old Canadian boys though...makes my heart proud
Morneau is better for average and RBIs, and about the same for home runs. Bay wins in steals, but you're likely only looking at high single digit for him (unless he pulls a Berkman and out of nowhere starts running like crazy).
So all things equal, I draft Morneau.
EDIT: The CI spot confirms he is the right choice.