Are those really your only two choices? Just curious how you came to that selection considering the vast range of firearms and price ranges. I'll avoid throwing in a different choice though and assume you have your reasons.
Your two choices are at odds with your needs. The revolver is going to be better for home defense and the .22 1911 is going to be great for plinking. Either would do for home defense in a pinch and some gun is better than none, but the revolver is a MUCH better choice in a defensive situation.
With that in mind, I would take it and maybe use .38 Special for training and general fun shooting. That will require some additional cleaning but I see that as no big deal since I already shoot Tula through my .45 and deal with the additional cleaning as a trade off for cheaper ammo.
In a life or death situation though I'd much rather have the .357 Magnum over a .22 LR, which is why I'm recommending it.
The .22 will be more fun to shoot, but that seems like a much lower priority to me.
"For every problem there is always a solution that is simple, obvious, and wrong." - Mark Twain