Heroes 5.5 WarGame Edition - Tactical Edition.

Both options are interesting:
- the first one is good because of its pace: it has the advantage of faster development and the disadvantage of early interaction between players;
- the second one is also good, and it doesn't allow you to immediately play with a nearly full army, because that's also a unique aspect of the game (playing with low-tier units in the early stages), and having angels on day 4 is a bit too much, like going "from rags to riches" too quickly.
I was also planning to create something similar to the second option.