If the hunt requires the Royal Paladin to take physical damage from creatures, it does make more sense to go with the Fabulous Legs to get that extra protection, since both the Fabulous and Yalahari Legs provide the same increase in distance.
However, in situations where this is not the case, where creatures have death damage, and there is no need for the paladin to block the creatures, Yalahari Legs could be a good option.
There is also a difference in the prices of both legs.
Lastly, I would say that the greatest advantage of the Yalahari Legs could be in a PvP situation where additional protection against SDs comes in handy.