Ideally you win both. That being said, I'd rather take a loss early in the season rather than late as you get time to make up for it with subsequent wins (Oregon plays Utah in the 2nd to last week of the regular season, right before the Beavos). While beating Georgia would come with all sorts of media coverage and glamour/prestige, the road still goes through Utah right now for a Pac-12 championship.
If you don't win the conference, you don't have any shot at the CFP. Timing is also a huge factor when it comes to impressing recruits...imo a Pac-12 championship and an appearance in a CFP or NY6 game during the recruiting signing windows would have more impact than a win over Georgia way back in week 1.