I would go with option 2.
You will have a lot more flexibility with option 2. You can start all the plants flowering at the same time and harvest at the same time, or you can stagger flowering and have plants going in and out on a regular basis.
125w of CFL seems like a lot for veg, especially if you are talking a single 125w CFL.
If your option for LED is 12w, then I would use six or eight 12w LED bulbs for the veg area.
Start a thread, post your build and get growing!
Thanks for the reply Blynx. I am starting to design the cabinet.
You are the lord of the micro grows, keep up the good work!