I have been told that in the event of an engine failure issue, the electric winch will still operate but the hydaulic requires a functioning engine. Any thoughts?
I am just a lurker here in this section for the most part, as I do not have a GXV or anything close to it, but on this subject I would offer my input.
I have read arguments back and forth on this point. In the end, I am installing a Mile Marker hydraulic winch on my 2005 Jeep Rubicon Unlimited. It came down to two main points - efficiency and that common sense aspect.
Efficiency - an electric winch converts less than 40%, at best, of the electrical energy in the batteries to mechanical work. Hydraulic winches convert over 90% of the pressurized fluid energy into work. Think about this and you might find that this aspect alone is enough to seriously consider a hydraulic unit. What is not converted to mechanical energy, is converted to heat. Duty cycles on electric winches are quite low since they need to cool between pulls. An hydraulic winch can pull continuously with minimal heat generated.
Common sense - without question, you need a functioning hydraulic pump to use a hydraulic winch. Engine failure, for whatever reason, will prevent its use. However, if you do suffer engine failure (not just related to water crossing wherein you may not be able to safely run the engine), the use of your winch, IMO, becomes a much less important factor compared to the primary issue of not being able to drive the vehicle even if you got it out of where it may be stuck.
As Charlie pointed out succinctly above, even with a large battery bank, you will have minutes, not hours, of run time on an electric winch. Exhausted batteries will no longer be able to power lighting, or communications equipment. The substantial additional weight of the extra batteries to provide minimal run time, even with a high output alternator, is something I considered as a large negative, although with the size of your vehicle it may not be that important. Just remember, an electric winch may draw 300-400 amps (or more) during a loaded pull. That is far higher than just about any large high output alternator (or multiple alternators) can keep up with, so an electric winch is ALWAYS a battery operated winch.
The final decision rests with the owner/operator, as always, but this is a substantial investment either way, and should be looked at considering all aspects of the equipment available.
Hope this helps.