Unless you're doing a proper retrofit, don't bother with either. (A true retrofit means that you graft the optics, power circuit, and light sources from another set of headlights). LED or HID headlights should be completely designed from the ground up- not Frankenstein'd and mashed into a halogen projector.
1. All LED bulbs are junk- I say this with complete conviction. The vast majority of them don't even shine further than your factory H11 halogen bulbs. Notice I said
further- not brighter. No matter how efficient an LED emitter is, the power circuitry and heatsink required to operate them means that they cannot physically shrink down to a size that emulates a halogen filament. This tiny focal point of light is what the projector uses to throw light far down the road. LED boards can't shrink down this far- and so their focus suffers. Imagine riding a bike and only looking at the front tire- that's what having drop-in LED bulbs is like.
2. HID kits are better. The small capsules that are ignited with electric current are much better at emulating a halogen filament, so the focus is fine. However, there are a few drawbacks to them that made me decide against them:
- Kit construction - no reputable company makes HID bulbs that fit into halogen headlights, so they're completely made out of spare parts that are mashed together. Anyone who says their kits are made by Philips or Osram is full of shit. You'll also have to drill holes in your dust caps to fit all the extra junk.
- Ballast issues- I still haven't met or heard from anyone with problem-free ballasts. Sooner or later (and likely when it's the least convenient), the majority of these cheapo kits have a ballast burn up, leaving you with a paperweight instead of a headlight.
- Parts availability - if (and when) a ballast burns up or a bulb fizzles out, you'll need to replace it. Even if the company in question has great customer service and a stellar return policy (spoiler alert: they don't) you'll need to spend a few weeks returning your dead parts for new ones. They don't carry this stuff in auto parts stores.
- Excess glare- all headlights are designed to have a small amount of light "leak" above the horizontal cutoff. This is done intentionally in order to gently illuminate traffic signs, which are reflective. When you add a light source that is several times brighter than the stock one, this "uplight" can be too bright- distracting and dazzling other drivers. This is why some HID users report being flashed by other drivers, even when their lights are aimed correctly.
- Heat output- lastly, halogen bulbs put out a lot of infrared light as wasted heat. This helps the headlights from icing over in snowy weather. HID bulbs only put out a fraction of this infrared light, making them more susceptible to freezing over and requiring hand clearing (LED bulbs have no heat- factory LED headlights are often electrically heated to prevent this).
All of these reasons are why I decided to stick to halogen bulbs. They may not be the best, but they are what your truck was designed for. There are plenty of performance options discussed in that Tacomaworld thread above. Please do your research.
For fog lights, the best thing is to opt for an entire bucket replacement if you do LED. There is a shootout thread here, but I'll spoil it for you- the SS3 by Diode Dynamics spanks them all.
The LED SAE J583 Fog Pod & Fog Light Review | Tacoma World