Option 1 seems to have fewer steps. Am I able to print my boarding pass for the yvr-hnl leg online before leaving my house. I plan to checkin online prior to leaving my house for yyz. If not will I be able to get it if I check in at the counter at yyz. Is it worth the wait.
There is no reason why you wouldn't be able to check-in online for both flights. Anecdotal evidence suggests you might not be able to check in until 24h before your
second flight is scheduled to depart.
Even if something goes wrong, you are going to have to check bags at YYZ anyway. You can get the BP at a kiosk or from an agent at that time anyway since you won't be walking from the outside straight to security.