Do I understand correctly that both tenses are possible? If so, is there a difference in meaning or are they interchangeable?
Yes, both tenses are correct and interchangeable using these structure:
Yo de ti hubiera aceptado su oferta.
If I were you I'd have accepted their offer.
Yo de ti habría aceptado su oferta.
There is no difference in meaning and no specific context to use one or the other; it's a question of preference to the speaker.
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