I think both are helpful, but neither are best for one indicator of health. You know, at my heaviest I did fine with waist-to-hip since I naturally have an hourglass type shape at every weight I have been so far. But my waist to height was higher then suggested, so for me I guess waist-to-height is a better indicator since I was borderlining an obese bmi at my heaviest and my waist to hip was still acceptable. Both of these would depend on where you naturally store fat. Females (and males) with an hourglass or pear shape may always do well on the waist to hip ratio.
I really don't think one number can be a good indicator for overall health. At home, I take measurements in a lot of places, weight, blood pressure, resting pulse, body fat percent estimate. I also do the fitness tests on this site from time to time. I don't do all these all the time, usually just once a month or if I notice a change in how my clothing fit. (I use to take measurements weekly, but they don't change much week to week so I got tired of spending the time). I find it motivating to see improved numbers, so taking so many numbers makes it more likely to see improvements than if I only used waist measurement or weight, etc.