You are right. Both methods work. As I understand it, the only difference in the results is that the notes don't wrap if you use the PAF 2.31 gedcom. i.e. the notes will have linebreaks instead of wrapping. The difference is mainly cosmetic, and is only noticeable in the notes.
The gedcom route is the easiest. Why don't you try it? Then create a new (empty) file in PAF 5.2 and import the gedcom. If you like the results, you are on your way.