We have done both of those plans!
Did option 1 on our first August trip.
Did option 2 on our trip last June.
Last June, there was a serious, brutal heat wave. It was over 105 heat index every day that we were there. We were in MK until 3 AM, etc etc. It was convenient to do this because we also didn't have to worry about sun screen quite as much. (We are all very fair and DH is a red head). It wasn't the plan, it just kind of happened.
The pool at WL was PACKED when we tried to swim to beat the heat. That is such a small pool for a deluxe, I had no idea.
We were driving and it was so funny, because we NEVER had a problem finding our car at the end of the day. We would joke about how few cars were in the lot each night. Never over 10, just to let you know that not only did we stay until the end of EMH, we doodled our way out of the parks also.
Couple of flaws in the plan...EMH was really busy. Really really busy. It did finally lose some crowd, but it wasn't the big advantage that AM EMH is.
On our first trip, we stayed at BC. We hit rope drop and generally got everything done we wanted by just after lunch. We went back to our resort (Beach Club on that trip) and swam in the afternoon. We MIGHT hit a park again for a bit in the evening, but generally, we relaxed at the resort. We went to be early and got good sleep.
We were exhausted with Option 2 and really didn't end up enjoying our trip. The Option 1 trip was so wonderful.
Other factors have influence of course, but for our upcoming trip next week, we are going to be going to bed earlier and getting up earlier. I think we only have one AM EMH on the agenda (MK because we always have such a great time for it) and other than that, we will be hitting rope drop on a non EMH park. We need a more relaxing vacation this time around. Option 2 is exhausting.