I'd definitely go 'hog. Smallbody played lightly with a clean warm hog tone is great, and digging in a smallbody pierces more than fills a room, again a bonus of hog versus rosewood. In fact, going hog on the top too makes for the bluesiest sound you've ever heard. I'd probably wait on rosewood until you can get a box that moves more air, or if you're going to plug in rosewood is fine on an 00.
Tone is such a personal decision it's hard to recommend tone woods. It depends on what you're listening for, and what style you play. The best advice is for you to go out and play a number of guitars and let your ears decide.
That said, i own a H&D CM with rosewood B&S under a sitka top and a Collings C10 with mahogany B&S under a sitka top. The guitars are of different dimensions by different builders so this evaluation has to be considered as comparing more than just tone woods.
The CM is a lot brighter than the Collings. The treble shimmers, almost annoying so in the higher registers, but it sustains and rings out very clear. The CM has a very deep body that probably contributes to the tone.
The C10 has a dark, dry tone with great string separation, but with less sustain. The higher registers kind of die on the soundboard. While the lower registers just growl with depth and punch.
That's how my ears hear it anyway. Both guitars get play time with the H&D probably getting a bit more play. Neither guitar is "the one" and i continue to shop for that one special guitar. Once found these will be sold -- but i'm sure you know how that works .
Can't go wrong with either wood. Perhaps
you should consider the top as an important piece of the puzzle. Cedar tops are very warm sounding, and don't require much time breaking in. A softer spruce(Engleman or Sitka) would also work. The harder red spruce(Adirondack, Carpathian) likes to be played, or driven harder.
I'm more between a vintage 00-21 v 00-18, i think. I definitely enjoy experimenting with various tunings ala Nick Drake. Davey Graham and Bert Jansch are in there too. I think both play larger dreads but that's already covered with me.