This is an interesting pair. What a choice to have to make, to. I am usually partial to the low budget film because it always has to work harder to be quality, so when you get a great low budget film, you know you're lucky. But there are flaws in Hellraiser and The Exorcist is a leader in big budget Hollywood films, as well as one of the most influential horror films of all time. Thought just because the Exorcist has that advantage, doesn't mean that I will vote for it. Both films are one-in-a-thousand unique. I'll have to try weighing pros and cons with each.
Hellraiser - Editing choice/con: The fight for the box between Kirsty and the orange worm at the end, not suspenseful after the first 4 or 5 back and forth shots. Pro: Excellent cast. Scene/con: Exactly who is that face underneath the white sheet in Kirsty's "feather/baby crying" dream? Not familiar and fake-looking. Story/pro: Civilized, sophisticated Julia turns into a serial killer for the sake of savage lust and eventually, a love of carnage. Production/con: Clive Barker is a first time director and makes a few mistakes, sometimes they feel pretty big. Pro: Really interesting ending. FX/con: Shots of skin being pierced by hooks have too many exaggerated pores and the texture looks really fake, like the surface of a lemon. Development/pro: Doug Bradley's Pinhead doesn't steal the movie until more than halfway through, leaving a lot of room for the story to focus on Julia and Kirsty. Perfect scene/pro: The Cenobites proper reveal is a masterpiece. From all the little touches leading up to their materialization inside the room, to the lighting and atmosphere effects, to the dialogue, and voice tones and inflections, to the last thing Pinhead leaves us to think about. Production/pro: Clive Barker's experience as a writer has the film being littered with amazing literal references inside of the characters and of cultures we may have no idea about.
The Exorcist - Pro: Top-notch performances. Con: None that I can think of.
So while The Exorcist just might be perfect, Hellraiser is better than average. I'm going to need more time to think this over.