Personally, I'd prefer fewer minions, but having higher damage and higher hp to compensate. If you set their hp too low but damage high they become disproportionately difficult to Demigods that lack high AE damage, but trivial to those that do.
As a Torchbearer, I wouldn't care how much damage the QoT's Shamblers can do if I can Rain of Ice + Freeze Nova + Rain of Ice and kill every creep and minion anyway. But that doesn't work for Regulus, or Sedna, or UB..
That's why I'd rather have fewer of them so Demigods focused on single-target DPS wouldn't be overwhelmed by the numbers, and at the same time AE Demigods wouldn't trivialize them quite so much.