The father would have to be ok with the child eventually learning he has been living a lie all along for option 1 to work. What kind of message does that send to the child?
Option 2: the odds are on the father's side. 60% of born in JWs leave even if both parents are JWs. The father has aN opportunity to help the child learn to think for himself in either case.
Personally, it would be more important for both parents to be reasonable and agree on how they will raise the child, otherwise the marriage will suffer badly. This would hurt the child more. Most of us here are proof that life long cult indoctrination can be overcome, though it does leave its scars