Which one is usually preferred by MFE programs? I know that for the most part, both are accepted, but which is better? I am not adept to SAT-style cramming (at least not at this point of my life), so that is a factor, as well.
Decide the programs you are interested in and take the test that covers more programs. No test is easier/harder than the other. You can take a mock test of both exams and decide for yourself. The exam is just one criteria. You are not gonna get accepted because of your perfect score. However, if you do not meet the minimum score you can be rejected. Graduate schools who accept both examen REALLY do not care.
I hate to break it to you but any standardized test inherently implies SAT-style cramming. 800 on GRE Math section is almost a prerequisite for MFE programs, though I've seen a few with 790. Verbal is more flexible. I'd aim for a solid 2 weeks of practice problems/tests. It's not just knowledge, you have to get familiar with the question formats and common mistakes/traps etc..
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