Sales funnel: one big product or lots of smaller products?

OK, so I have this new niche I am moving into, and I can create a shedload of content (and already have done) for info and training products, as it is in an industry I knowledgeable about.

But I am sort of pondering what to do with all that content:

Option 1) Create slimline low-cost product (e.g. very basic Kindle book, XXX for Newbies) to get people on list -> Upsell them to one big, higher-ticket training course (once I have created it all).
Advantages: can also recruit affiliates for the big-ticket product
Disadvantages: got to spend a lot of time building this big product with always the risk of a flop at the end, and it's demotivating not to see the sales any time soon.

Option 2) Create one or more small info products for list building (e.g. Kindle books or eBooks) -> sell the list on lots of new, smaller, related info products/cheat sheets etc. as and when I create them and in doing so build the catalogue for the front end (sort of like Allen's Cheap reports, big money, fools' gold, if you have read that thread).
Advantages: can keep churning out smaller products, whilst getting a snowball effect - less lead time to start seeing sales and less risk of the flop.
Disadvantages: harder to recruit or manage affiliates owing to the lack of a big commission. Also the demotivating factor of not getting a nice big payment for each sale.

Now I know no-one can advise me on conversion rates etc. but can any of you vets give me some pointers on the pros, cons and pitfalls of the different approaches? There are probably other options, too, that I have not considered!

Thanks,

Mark