It's more important if you're using a motor that's "closely matched", than one that's got some power to spare.
For instance, running a Roots 45 with a Vanguard 18, or even a 16... The faster the blower turns and the more load it's under, the more force ("torque") is required, and a "closely matched" motor doesn't have as much reserve to "call upon", so to speak.
Personally, I've never built a 45 blower- based system with smaller than a 25 Kohler or a 23 Vanguard as a production model. But I've seen systems built with 18 , and even 16 / 45, like I said.
A 25 / 45, continuing with this example, has more than enough power to run at faster RPM... It can be done with a 20 HP, or a 22 HP Kohler (I only use Kohler...), but it runs smoother with more horsepower (torque) available.
Following the same logic, I build a 36- based system with both 18 and 20 HP. The 20 HP is called the "Unleashed" (and includes a large heater...), and costs more. And you can definitely tell a difference between the two, in terms of smoothness of operation.... The Unleashed runs smoother under load and at a higher RPM, but the 18 HP motor does very well in the same configuration.
When I build a #33 blower- based system, I use an 18. And it seriously "Hums" with that load... at 3,500, if I set it at that maximum...
Torque is more important to examine closely, when the components are closely- matched. When the motor has power to spare, it becomes less of a critical factor...
In a heat exchange context... (A bit off- topic, but I thought I'd mention it here...)
A closely- matched system will strain the motor more and cause it to run hotter as a result, which can be a plus in a heat exchange system.
I still prefer not to strain the motor, turn the blower at 3,200 and have the system, "Hum". And to do that on an exchanger, AND have good longevity of motor life, once again, having a motor that has more CFM (i.e. more airflow due to larger cylinders, longer stroke, etc.) is the way to go, in my opinion, vs. having one that strains more to generate higher exhaust temp's...