I think you are over-thinking this one. No one can truly anticipate all aspects of the market. I would not be comfortable with you taking my word that the SAP MM consultant is the better. You just don't know what is going to be the most marketable area going forward.
There is a big difference between the day-to-day job role of an SAP MM consultant versus being a project and delivery manager. I really think that you need to think about which type of responsibilities you would be more interested in mastering since they are so different. But stepping back from that, as a rule, it's always a risk to move from a managerial role back to a hands-on role. I don't think SAP is hot enough to accelerate you right back into management again.
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