NuclearNerd- Besides the excellent comments by dinjin, I would add that if your goal is minimizing total gearbox weight rather than just the weight of the gear teeth and rims, then you must also take into account the differences in bearings, housings, shafts, etc. between the two configurations. You need to consider more than simple root stress due to tooth bending with regards to face width. For example, the stiffness of the gear structures and bearings/housings can greatly affect load distribution along the tooth face. Displacement at the mesh line usually requires some degree of face crown to compensate, which in turn necessitates an increase in face width.
Also, if efficiency or scoring/scuffing are a concern, an external gear pair would have a slight advantage over the pinion/internal ring combination. Even using lots of profile shift to produce recess action, the pinion/internal ring combination will still have greater sliding losses than the external gears will.
Lastly, in case you had not considered the issue, the relative direction of rotation from input to output is not the same with a pair of external gears and a pinion/internal ring gear pair.
Hope that helps.
Terry