Re: Gretsch G5434 Pro Jet or Fender Modern Player Stratocaster ?
IMO, a Fender HSS Stratocaster will be more versatile. Its pickups and controls offer more tonal scope. The playing experience is less - how can I put this? - idiosyncratic.
The Gretsch is something of a speciality item. You either like the playing feel or you loathe it. The controls are eccentric. The pickups have a distinct character. This will not fit with all genres.
If you are thinking to spend the price of either of these import guitar models, I suggest that you split the difference and have a Fender MIM La Cabronita Telecaster. (Upgrade to TV Jones replacement pickups later!)