My friend proposed a trade...

This is a tough one. I own the 50mm f/1 Noctilux and the 35mm Summicron ASPH. They're the two lenses I use most often.

What body would you use them on? (I use them occasionally on an M6 body and often on an M9 and a Ricoh GRX-M.)

You have to keep in mind that the f/1 lens is ONE STOP FASTER than an f/1.4. That means (especially on film or a a full-frame sensor) it can take depth-of-field shots that can't be taken with any other lens. Stopped down, the Noctilux is a very good 50mm general-purpose lens even though it's bulky. If you have fast film or a digital camera, the f/1 can take amazing pictures in any light.

The f/1.4 Summilux ASPH is a superior lens to the Noctilux in every other way. Unless the depth of field effects are a really big deal, you might not miss the one stop of "speed," especially if you are shooting or might shoot with a digital body. For my money, an M9 at ISO 1600 produces images as good as film at ISO 400.

The 35mm Summicron ASPH is a first-class lens with no equal or superior.

Tom
 
There's monetary value and actual value. I'd use your friends lenses much more than I would use yours, more value for me then. You could sell the Noctilux and buy your friends lenses though. Me, I'd worry more about how much I am using what I have than what I'd use more of.
 
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