That's a tough question, mostly because I hadn't considered it before.
I enjoy smelling wine. When my wife sarcastically comments that I inhale Port, she doesn't mean I drink it quickly.

I like the aroma of an open glass (or decanter) of Port sitting around... sometimes I'll pour myself a glass and then spend 3 hours enjoying its presence and taking very small sips while we watch TV. On the other hand, if I'm drinking Port with a meal the aromas of the food can alter, complement, or cover up the nose of the Port so it doesn't matter nearly as much.
That said, though, even the best smelling Port has to taste good in the end, and I've had some that I really enjoyed the nose but just didn't like the taste. It's also much easier for me to ignore the nose while enjoying Port than it is to ignore the palate.
So if '1' means the palate is most important and '10' means the nose is most important, I think I'll have to agree with Todd and give it a 5. Overall I value both equally, but for entirely different purposes and at entirely different times.