What is more valuable the Anchor text or the title link using href. For example, in my top nav, i don't have place to put 2-phrase keyword. So including the two-phrase keyword in Title and limiting to single word in anchor text is the only option I have. Will that help me in Google SERP's for the 2-phrase keyword?
Both have importance provided that they should contain the appropriate keyword however it is tough to gain top results with highly competitive keywords.
If you have to compromise on something, compromise on the Title and make sure you get the best anchor but don't forget about the usability factor too. Too long Name in Top Nav looks awkward so in this case, go for keywords in Title rather than in anchor. Though in your case, i don't think its a big deal, Nothing much will happen if you do one thing or the other