Thanks for all your responses!
Having both is certainly ideal, but I find myself forcing to choose one or the other. Shooting on a 7D, when using a long lens for shallow DOF, I need to stand further away from the subject and the lightstand. In windy conditions, the lightstand gets blown over all the time Sure I could use a sandbag, but it's a lot of extra weight to carry. My wife already dislikes the idea of me carrying lots of gear when we go out.
So I like to put my foot on the lightstand, which needs to be relatively close to the subject. In that case, I'll need to use a wider angle lens -> reducing blur.
I guess the ultimate solution is to go full frame!
You can compromise on shallowness of DoF and still get excellent pictures.
I can't see how one can compromise on lighting and get even good pictures.
Camera bag is an excellent solution, but you can be resourceful otherwise and find something else to support your light stand.
Or get a faster wide angle lens. I am guessing you don't shoot portraits wider than 35mm anyway and both the 35L and the 50L provide plenty shallow DoF with close subject distances. Even the 35/2 and 50/1.4 (@1. will work quite well.