I'm on a bit of a sword and sorcery kick lately, and I'm embarrassed to admit that I've never read either one of these authors. I've noticed that both the Elric and Fafhrd/Gray Mouser series are available in omnibus editions for the Kindle. I would like to eventually explore both, but my question is...which should I read FIRST?

I like fast-paced action, but I also love deep characterization. Which author has the better balance of both? Is one writer consistently better than the other?