I do your 1st manner:
"1. Put everyone on fishing til they can't fish anymore, then all on researching til they can get an alternate food source."
Then every one one buiding!
I always start the game in 2x speed until the 5th villager is 14 years old (it takes around 2 hours) and then I switch my game in 1/2 speed! so I have 5 working adults and 2 kids for mushrooms and collectibles!