The thing people so often forget when they're planning a wedding and figuring out maid of honor and bridesmaids and stuff is that years later no one is going to care who was technically the maid of honor. It's fun, it's a wonderful day for everyone, but what is more important is your married life for years to come.

That being said, there's no reason to follow tradition to the letter and risk causing hurt feelings. Make them both maids of honor, regardless of how many other bridesmaids there are (or aren't!). Outline exactly what you'd like each of them to do. If you're more comfortable with one of them giving the speech, ask the other one to help you pick out the bridesmaids dresses. That way everyone gets to feel involved.