It really depends how short and how high the ball is. If you can take it in the air, why wouldnt you at least 90% of the time? Singles or doubles makes a difference too. If its singles, id consider dropping it way more than in doubles.
If I have an even or downward swing path after the bounce ill take a full swing more often than not. Once the swing path has to go upwards the choice becomes a lot harder.
Topspin anything is going to be dramatically harder if it has to go upwards first before crossing the net especially if you're trying to hit a clean winner. If you dont have a modern fore/backhand I wouldnt even try this shot. If you're wearing knee/wrist/elbow braces I wouldnt try it either. You need to be very low and "brushy" to perform this shot under pressure.
Honestly? In doubles if I can squat and hit an overhead when im playing net I will choose that more than not. In singles ill hit a swinging volley or a drive after I let it bounce.
A "short ball" is really too vague to say definitively what you can play because the circumstances and player ability are so broad.
"In the 1980's two men dominated--sometimes each other, most of the time everyone else."