Let me add another vote for #2, not only because getting it done and getting to your real vacation sounds like a better idea to me, but to add a point that no one else has added.

If you arrive at 5:20 p.m. on any day other than a Sunday, you will most certainly hit H-1/Nimitz traffic getting into Waikiki at some point during your drive. If you again need to drive back to HNL mid-afternoon on a weekday, depending on how late it is, you may again hit traffic on the H-1/Nimitz. Not a pleasant way to kick off your Hawaii trip. (And Honolulu was voted earlier this year as having the worst traffic in the nation)

If it were me (and I just did something like this when going to Japan, albeit on a 7.5 hr flight) I'd get into Princeville, eat a nice meal, take a shower, and get up early to hopefully see a wonderful sunrise. Put the effort in first and get my vacation started as early as possible. But it really is a personal preference and dependent on your energy.