I think that the less worse option is the second scenario. In the first option you're effectively capping your GPU, basically throwing away money by paying for capacity you're not able to use. Having a beefy CPU with a weak GPU could be meant for photo/video editing and what not (OpenCL acceleration, etc.) but the first option has zero practical uses IMO.
My other rigs:
OCTANUX - Conroe865PE - QX6800 - 4GB OCZ Platinum EL - HIS HD4670 AGP - SB Audigy 2 ZS - BFG PPU
phenomenal - AM2NF3-VSTA - 965BE - 8GB OCZ Platinum LV - HIS HD3850 AGP - SB X-Fi - Asus PPU - *WIP*
Green Tea - 939A8X-M - FX60 - 4GB OCZ Platinum EL - 7950GT AGP
Re-build - CT-6VTA2 - PIII 600E - 384MB PC133 - Voodoo 5500 AGP - SB16 ISA
BLUELINE - H61M-GE - PDC G645 - 8GB DDR3-1333 - Powercolor HD7750 - 2xTV Wonder 650