Damage-wise, all the Str buffs apply equally to both builds, so Madstone, Yugo, Rage, etc... are all irrelevant. Honestly, the only difference between the two, really, is starting Str and another 5 points.
To-hit is another issue. Halflings are unlikely to be Str-based due to their penalty to Str, though there are some who go this route. Other differences arise on DPS, such as extra PA from WF (likely problematic with the monk's lack of to-hit bonuses), extra Str and PA from half-orc, etc...
My point was that the difference is pretty small as it really is only about 11 points, MAX, on Str, or about 5 points' difference in damage before crits.
A lot of people overlook this when comparing Str to Dex builds. On damage, yeah, we want that extra +5, but it isn't going to be the difference between an uber build and a gimp, or even an uber and a mediocre. You don't go from being okay to incredible DPS just by putting on the Epic Claw set, and that's basically the same difference in damage.
To-hit,a gain, is another matter, and the Str-based version wins there in most cases. Still, if you go Dex-based on the halfling, +2 starting Dex and +2 AP, then +3 or +4 Halfling Guile, that's +4 to +5 to-hit which makes up for rage and Madstone not contributing here.
The differences just aren't as big as people make them out to be, and are definitely able to be compensated for sufficiently.