Since 2012 (wRC+ per year)
Edwin: 150, 146, 151, 150
JBats: 137, 135, 160, 147
Obviously, Edwin doesn't bring any base running or defensive value, which is why Bautista is the better player overall, but when deciding between the two of them it really comes down to who you think will age better with the bat. My money is on Bautista, but if it's possible to get Edwin for half of what Bautista is asking for, then he becomes a more realistic option.
I'd be OK with moving on from both of them (with Bautista there doesn't appear to be a choice), but if the deal is reasonable, then I'd be fine with bringing Edwin back. It wouldn't shock me if Edwin comes back similarly to Alex Gordon in KC, maybe taking a little bit less to stay where he is comfortable after testing free agency. Obviously, if another team blows the Jays offer out the water, then he's gone, and no one would blame him. The key is how many teams are going to pay that much for a DH? His market might be complicated by that.