Your second option falls foul of the Asia transit rule. The rule states that the transit without stopover in Asia is only available to you when routing between SWP and Europe. You cannot use the second Asia transit when routing SWP to North America.
This has been discussed in other threads. Some would like to interpret this rule as "one must be transit without stopover (e.g. SYD-HKG-JFK), or on direct single plane service between SWP and Europe (e.g. SYD-SIN-LHR)". However, that interpretation requires the insertion of a comma to release the SWP to Europe restriction to only refer to the direct single plane service. This is not the way the rule was intended. Some people have reported that they managed to have a OWE issued the way you have suggested, but they have been lucky to find an agent who allows that invalid routing.

You can route SWP-ASIA-NA, but that pass through Asia is counted as your Asia stopover, even if you just transit HKG on the way. So your other touch through Asia must be "transit without stopover or on a direct single plane service between SWP and Europe".