About a year ago, after having been in the "points game" for a few years and being fortunate enough to be able to fly in premium classes - I started to question whether I'm traveling more for the time I spend on a plane, or whether I'm interested in the destination itself?
I think that's the question you need to answer for yourself and how much you want to sacrifice "in-air" time vs. time on the ground.
For you, it seems like an awful lot of inconvenience to be able to sample JL F. I might also point out, in addition to the red-eye backtrack to start, you also land later in the night at PVG, so essentially right to bed and a "wasted" day. So my vote would be Option 2 like the previous poster - but in the end, if you truly want to sample JL F and think it's worth the extra effort - by all means go the longer route.

I wouldn't put too much worry into the AA devaluation... as I'm sure you'll find future opportunities if your goal is to eventually experience JL F.