Default [Q] Switching to 32 GB Nexus. How to Migrate?

Storage space seemed to be getting a bit low on my 16GB Nexus 7 with torrent files. Picked up a 32 GB version on Cyber Monday at Staples for the same price I paid for the 16GB from Google. And 2 year warranty for $50. Good news is the 16 GB will be a great reader for Mom for Christmas.

I've got my 16GB set up pretty good the way I want and wanted to get some advice on how to transfer my "stuff" to the 32GB Nexus. Here's my Plan of attack:

1. Power up and take any OTA updates to get on 4.4.2
2. Fastboot OEM Unlock
3. Fastboot Flash Recovery (TWRP latest)
4. Reboot and Flash my custom kernel
5. Turn on ART
5. Reboot and set up Gmail accounts and system settings
6. Install Titanium Backup
7. Transfer Titanium Backup files from old device
8. Restore User Apps and Data via Titanium

I think that would be a very clean approach, but it might easier to just go this route:

6. Reboot into TWRP recovery
7. Wipe all Data and Cache
8. Restore Nandroid (Data Only) from the 16GB Nexus

What approach would you take?