I think the Scenario 1 would beat Scenario 2, but it might take some patience. With the stock at $338 Scenario 1 is already ahead :)
...
For myself I approximately split the difference.

For the sake of completeness---

Another way to split the difference: write repeated cash-backed puts. A strike or two above the current price so you get lots of upside if it pops, a strike or two below the current price which give a net entry price that is closer to the apparent historical average. Each time stock is assigned, sell it and write another put that keeps the stock price in the middle of your cluster. Each time a contract no longer has a decent maximum remaining rate of return (7-9%/yr maybe?), close it and write another one.

This is admittedly a bit of work, maybe checking things every couple/few weeks, but you make a surprisingly good rate of return while the stock remains in a range. GOOGL is at $344, and January 2027 $345 puts are bid about $37. That's about a 30%/year rate of return on your cash committed to the deal, and that's what you make if the price stays flat or rises. Or you get the stock at $308.50. Keep (it's a 10% better entry than today), or sell and repeat.

Jim