We present a study of two spectral lines, Fe I 6173 Angstroms and Ni I 6768 Angstroms, that were candidates to be used in the Helioseismic and Magnetic Imager (HMI) for observing Doppler velocity and the vector magnetic field. The line profiles were studied using the Mt. Wilson Observatory, the Advanced Stokes Polarimeter and the Kitt Peak McMath telescope and one meter Fourier transform spectrometer atlas. Both Fe I and Ni I profiles have clean continua and no blends that threaten instrument performance. The Fe I line is 2% deeper, 15% narrower and has a 6% smaller equivalent width than the Ni I line. The potential of each spectral line to recover pre-assigned solar conditions is tested using a least-squares minimization technique to fit Milne-Eddington models to tens of thousands of line profiles that have been sampled at five spectral positions across the line. Overall, the Fe I line has a better performance than the Ni I line for vector magnetic field retrieval. We selected the Fe I spectral line for use in HMI due to its better performance for magnetic diagnostics while not sacrificing velocity information.