The first Paath is more mainstream but some Sampradayak including Jatha Bhindran do the second Paath mentioned above.
The Vichaar on the first Pankiti is that Guru Sahib is saying that by doing Karam-Kaand (ritual) alone, one cannot meet Vaheguru. By disguising as Japi Tapi or by keeping Kesh alone, one cannot meet Vaheguru (inner love of Naam is required).
The second Paath of the Pankiti means that by disguising as Tapi but having love for Dhan (wealth) one cannot meet Vaheguru.
According to the Chaal of the Paath, the first Paath seems better but according to the meaning, the second Paath seems more Shudh. Personally, since I started off my Nitnem (23 years ago) from a Taksal Gutka (published by Baba Mohan Singh Bhindrawale), I have been doing the second Paath for most of my life. Then few years down, someone said that the first Paath was more Shudh; so I started doing that but later on I reverted back to the original Paath, which is the second one.
Many worry that if we do the first Paath, then this Paath can be used against keeping Kesh but the fact of the matter is that in this Pankiti the target are the monks of keep Jatta (matted hair) and not Gursikhs. Just by the act of keeping Jatta alone, one cannot become pure and meet Vaheguru. This holds true today too. If someone today was to adopt the Sikhi Bhekh (form) i.e. keeps Kesh and Kakaars but does not do Paath and Simran, then this alone will not ensure Mukti to this person. Without Naam and Gurbani none of our Karma are acceptable at Guru Sahib's Darbar.
Gurbani Viyakaran is not playing too much role here.
Guru Sahib knows the best. Gurbani is Agam Agaadh Bodh.
Kulbir Singh
ਸਤਿਗੁਰਬਚਨਕਮਾਵਣੇਸਚਾਏਹੁਵੀਚਾਰੁ॥