A good compromise position starts with the lenses themselves. I'd get small lightweight lenses that are simultaneously crisp enough for 4x5, but with enough coverage for 8X10 too - things like G-Clarons, Fujinon A's, Fujinon C's, etc. That's your main investment anyway. Otherwise, shooting an 8x10 is obviously more expensive than 4x5, esp in color,
and esp if you want to equip a color darkroom. I wouldn't worry much about black and white, either regarding film availability in 8x10 or processing, but a big enlarger needs big
space. I really love both formats, and in the print size you're discussing, the end result will
be similar but not exactly equal. If you do choose 8x10 you should have a good back and
knees. They can be a workout - but sure beats being on a treadmill like a rat in a stinky
gym!
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