it's a bit more complicated than that, because each one impacts the other.
more specific to reef photography though, one needs to be more concerned about f-stop, not just for the amount of light taken in, but also because f-stop dictates DoF (depth of field). this is especially true with macro photography, because the DOF is VERY shallow.
you would need to decrease your aperture (increase the f-stop), in order to get a deeper DoF, which results in needing more light, which will mean either slowing down the shutter (which takes hand holding shots out of the equation), or increasing the ISO (increased noise from the photo).
of course, there's the alternative - flash.