Generally speaking, translab allows better access to preserve facial nerve function. While preserving hearing is an attractive idea, many people would prefer to hedge their chances of good facial nerve function over hearing preservation.
While they can't predict with certainty regarding hearing preservation, tests like and ABR and some others help the ENT predict the likelihood of hearing preservation. Discuss with your Dr what your chances of preserving your hearing are and what he/she is basing that on. Get opinions from other Drs. In my case, while my hearing right now is actually pretty darn good, my ENT thinks my chances of keeping it if I get treatment are just about nil. I am WW for now, but realize that down the road I will likely need treatment, so I am researching all I can about it, and about my circumstances, as I can.
FWIW, I think you have the right mindset. You were hit with some very bad news, but you seem to be taking it with a deep breath and moving in the right direction. Your thread tile is spot on. You will be making difficult decisions. Get as much info as you can regarding the various types of treatment, and do what you think is best and hope for the best results.