Unfortunately my 16 yo is in the same position this summer.
When asked this question years ago about our older son, our immediate reply was travel ball was more important to him. If he had to choose there was no question. Our younger son is a different story. He loves playing on his high school team and loves the coaches. He's very disappointed to say the least, but we left he choice up to him.
The obvious downside to this decision is the loss of this crucial summer to get better, playing at a higher level against better competition. He decided to play the local tournaments with the school, which is for the month of June only, workout with his brother, and hit the batting cages. Also, a great suggestion we had from the Georgia forum was to send the word out in July and post on web boards that he is available for any team needing to pick up a catcher in July.
That's how we handled this dilema, but each situation is different. As I said, the decision would have been different with our other son. It came down to one question in our house. How important is it to play for the school team, knowing that no position is secure in high school.