In regards to "Self-Reliance," does Emerson value original thought or traditional wisdom more?

This is no contest.  Emerson values original thought way more than traditional wisdom.  In fact, I'd say he barely values traditional wisdom at all.

The whole point of "Self-Reliance" is that you are supposed to rely on your own conscience.  This is a major idea of Transcendentalism, which was a school of thought that Emerson was part of.  As he says, whoever wants to be a man needs to be a nonconformist.  Emerson thinks that blindly following tradition or societal expectations robs us of our humanity, essentially.

So, Emerson really does not like traditional wisdom, especially if it is followed just because it is traditional.