a balance of both peter as Grant said is what you want.
High bhp- steams along in straight lines, like the straight at KH for instance.
high torque- very very quick off the mark and will give you aggressive power after slowing down for a bend.
a good balance of both is a good idea.
torque steer is a problem sometimes though if you have too much.
WRC cars for instance are limited top speed and have a not too high BHP figure, but something like 500lbft through the gears !!!!!!!!!