Neither.. I think being happy should be most important. Because what good is it to be loved if you're not happy?? Or to be respected if you're not happy?? I believe being happy is what should be considered most important. Because no matter what you have, nothing really has value if you're not happy about it. But that's just my opinion..
Great question. To be loved is what I would be going for over being respected. I believe being loved by family, friends and others is better than getting respect any day. In the end of the day being loved will get you more compared to being respected. But then again, being loved and being respected tend to go hand in hand.