If you really are 50/50 on a plasma cutter and a bandsaw, I think the answer depends on what type of cuts you're doing in what type of material. Cutting bar/tube/angle stock to length? Bandsaw, hands down. Long straight cuts in sheet and/or complex curves/patterns? Plasma. The fact that you have an O/A torch already would seem to tip the scales in favor of a bandsaw, since there is substantial overlap in the cutting ability of a plasma and an O/A torch. A bandsaw is going to do much the same type of cuts as your 14" abrasive cut-off wheel, but a lot quieter, cleaner, and way more precise and consistent. Also slower, however. A bandsaw will also be able to be used vertically for notch cuts, which can be tricky to do any other way--although you may find that the O/A torch would be just as good or better for anything you'd do with a bandsaw in the vertical position.
It must be pointed out that a plasma unit will require a middle-of-the-line air compressor as well, which, if you've already got one, then no big deal, but if you don't have one, it can be a substantial investment. A 120v, 2-2.5 HP unit with a large (30 gallon+) tank has been reported to do an acceptable job, as long as you take the cuts in shortish bites. To really meet the CFM requirements that most plasmas call for, you have to step up to a 220v compressor. Also, don't forget that you need an air filter and dryer, which is another item that you may not already have.