I've flown Iceland Air several times. Pros are that the transfer in Iceland is extremely easy and efficient. There is a large difference between Saga Class and coach. You pay extra for most everything in coach and I would definitely pack a lunch/breakfast as the food in coach is not very good. Saga Class is the equivalent of domestic first class with larger more comfortable seats (not lie flat), good catering, and good service. It also comes with lounge access. If getting from point A to point B is your goal, then Iceland Air in coach can be an excellent bargain.
I have only flown Aer Lingus on a domestic flight before, but it was fine.
I would go with the one that seemed to have the best price overall.
edited to add: I've never spent more than 20 minutes going through border control in Seattle, but I think it has more to do with how many planes arrive at the same time as anything else. I have heard that extra time is required to go through border control in Dublin. I think you will be spending time on this. With one, it is after arrival and with the other it is during a connection.
second edit to add: You can earn frequent flier miles on Alaska Airlines Mileage Plan with both of these airlines.