You have two VERY nice motors there! You can't go wrong either way. I'll point out a couple of differences. The TEFC (Totally-Enclosed Fan Cooled) motor has a service factor of 1.0, while the other motor has a service factor of 1.15. What this means is that the TEFC motor has a harder time dissipating its heat. This makes sense if you think about it, since no external air goes through the motor windings - all of the heat has to be conducted through the motor housing to the exterior where it is radiated away into the external air, assisted by the external fan.
So the open-frame motor will run cooler. If you are operating it in a clean, dust-free environment, this is probably preferable.
Also, the TEFC motor has a very high power factor of 95% as compared to the still-high 89% power factor of the other motor. Not enough difference there to choose one over the other.
But OTOH, the case for keeping the farm-duty motor is if you don't have a motor starter with overload protection in it. Either motor requires a motor starter, although with the thermally-protected one, you could just use a contactor.