Originally Posted by aztimm

I personally wouldn't do less than an hour layover at PHX.

With your 2nd option, the HNL flight will be boarding around the time you land. Even if your flight is on time, you're among the first off the plane, and a close gate, you're talking ~20 min before they close the doors.
If there are any conditions that don't work in your favor (late, problems getting a gate, getting off the flight, a long trek between gates), you'll be spending the night in PHX hoping to get on the flight the next day.