Seems like the canonical answer to "Status vs. Looks" is STATUS.

I was reading this article on The Rational Male https://therationalmale.com/2012/06/04/final-exam-navigating-the-smp/. Many paragraphs in, I found the following,

... (man's SMV) decline is graduated upon a declining capacity to maintain his status as well as his health / looks. Since a man’s SMV is rooted in his personal accomplishments, his SMV degradation has much more potential for preservation.

Also I found in "A Comprehensive Guide to The Red Pill",

Status is KING!

So why do you read posts and comments claiming otherwise?

You see, going to the gym and following a diet are low risk. You are almost 100% guaranteed results proportional to the effort you put in. Putting in hours at the gym and controlling your diet are scientifically proven to improve your health and apparent fitness. There is very little risk inherent to the endeavor itself, assuming you have proper form in the gym and follow a sound diet. There is only the risk that your time could have been better spent elsewhere.

However to improve status, the higher the status boost, the more risk involved. Compare the risks of going to college versus becoming a successful comedian; in landing a steady job, versus starting your own business. The high status outcomes require that you risk your all-valuable time in an endeavor that might prove fruitless, except for the consolation prizes of experience and character building.

It is definitely easier to believe that Looks trump Status. Looks can be worked on with very little risk, and in the event that this fails, you can blame your failure on genetics (height, face). And at the high end of Looks, they start to become their own Status anyway - a male 10 is a status symbol for any female seen in his company.

Edit:

The point I'm trying to make is in terms of SMV. Risk taking should be looked at as signalling high quality genes, and the more difficult to fake, the more reliable the signal to potential mates. So for example it is a lot easier to lie about being a club promoter than playing as a starting running back in the NFL. Individuals who have taken large risks and won are likely to be carrying genes that contribute to that outcome, and so are desired as mates.

All Game behaviors are meant to signal quality, specifically, high status. Status almost always signifies risk (like the alpha lion), and smart, successful risk taking confers status. If looks trump status, then looks trump game. The only time looks can be more important is when they are essentially their own status. I think to believe otherwise is just risk aversion... a sign of low quality betatude.