Depends entirely on the stakes and the table. If lots of people are limping and/or calling single raises, but no one is 3-betting, then I'm for option (2), with the provision that you're only playing when you have position (or getting a discount because you're in the blinds and there was no raise or only a small raise) and you're only getting your money in post-flop with two pair or better when there are multiple opponents involved in the hand. There are a lot of people who'll pay you off with any form of top pair at low stakes. I'd also play most of my draws pretty passively, rather than semi-bluffing, as when there are multiple opponents in the hand, you're unlikely to make everyone fold, and you'd like to keep marginal hands in, so they might hit something like two pair with the same card that gives you your straight or flush. The exception is if you have a good draw + two overcards, in which case I think you want to cut down on the number of opponents in the pot so that your hand is more likely to be good if you miss the real draw but make top pair with one of your overcards.

If the table is more aggressive, then you go for option 1 and try to get as much money as you can in the pot preflop when you're pretty sure you have the best of it and just stay out of trouble the rest of the time, until the blinds are big enough to be worth stealing.