Hard to define the line, but for me there's definitely one somewhere. By which I mean my answer differs based on extremes.
In general, I'd rather my team win a bunch of games and have 0 NCs to show for it than have an overall poor record with some NC seasons sprinkled in.
But you could go to further extremes, and that would change. i.e., if I had to endure 4-8 every other season, but win the NC in the between seasons, I'd probably prefer that to a more consistent team with less-to-nothing to show for it. That's not realistic, but I'm just giving an example of the thought process. Where the actual line is, I'm not sure.
I can tell you that the two separate 3-yr periods Les Miles had at LSU where the team went 34-6 over said 3-yr span was more enjoyable to me than, say, Orgeron's briefer tenure. One of Miles' 3-yr periods produced an NC, the other did not. Some would say that NC has warts and for the sake of argument let's say I accept that. Orgeron had a bright, beautiful shooting star of a season which no reasonable person criticizes.....surrounded by a bunch of derpy seasons.
I much preferred the Miles years I reference than the Orgeron years, and it would still be that way had 2007 not won an NC. So wherever the line is, I know that 1 NC over, say, a five year period, is not worth more than consistency, for me. Bump that up to 2 NCs over a 5 yr span (I guess, say, Alabama, Clemson, or UGA lately) and I'd probably be getting more willing to deal with crap seasons.
However, since I consider NCs unlikely as a rule, given a blank slate in a vacuum, I'd opt for the 11-win team who never wins a title.