Upgrading to 3.7.2 will only add extra fields/tables to your database, it won't touch anything that belongs to a modification.
Either one is do-able. Do which ever you feel more comfortable with. Personally I would have opted for the second approach, though it is more time consuming option and you need to know some level of HTML to see what is a modification and what may be just a upgrade change from 3.6.8. > 3.7.2.
I'd probably recommend the first option for yourself.
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