Hello Prannay,
From your #1, when you say Tried and Tested- do you mean, you transported the BW objects from System 1 to System 2 and they are compatible with no issues?
Did you explore one of the option mentioned in this forum on system copy to the sandbox, migrate the sandbox to HANA DB and then transport? I am not sure the migration using DMO makes the BW objects compatible with HANA DB, if there is no such difference then your #1 makes sense if the objects are compatible through transports and no additional effort was needed.
Thank you!
Abhishek