I don't know how you can pick Tendulkar, considering the captaincy record Ponting has. I don't know who the better man-manager is, or the better tactician, but I don't see how you can compare a team with McGrath and Warne to what Tendulkar had to work with in terms of his bowling. On the other hand, when Ganguly became captain, with not much better people, he started doing much better. So you do have to put the finger on Tendulkar. With that said, if Ponting's attack and fellow players were as bad as what Tendulkar had to work with, could he have done better?
I don't see how people on this forum can judge the man-management skills of a particular player - most of it goes on behind the scenes.
But, all that considered, one has results on his side, the other doesn't. It's quite clearly Ponting for me. I'll always take the guy with the record over the guy who 'might have but didn't', in every situation - batting, bowling, captaincy, whatever.