I think I'd prefer the first option. Watching complete stories is generally easier than watching random smatterings of incomplete stories. If I could pick which stories would be re-completed, I think my first pick would be "The Web of Fear." It's a painful irony that the one episode of this story that still exists is the only one that doesn't have Col. Lethbridge-Stewart in it.
On the other hand, presuming we got some of the most important episodes back from the missing stories, that might be worth it. "Mission to the Unknown" would be interesting. Then you have Vicki's departure in "The Myth-makers," the titular massacre at the end of "The Massacre of St. Bartholomew's Eve," Steven's departure at the end of "The Savages," Patrick Troughton's 1st full episode in "Power of the Daleks," and Jamie's introduction in "The Highlanders."