I don't know for absolutely sure, so this is perhaps a bit hand-wavy.
In both P4 and P8 (assuming you mean as a cube, rather than the ring you observe in S8) all the bonds are P-P. It's true that the bond angle and strain argument may favour P8 (angle of 90°, rather than 60°), but does the fact that you'd get 2 P4 molecules rather than 1 P8 suggest more an entropy driven breakdown of the solid state ?
S