Thank you both for your help! I wanted to follow up and let you know that Option 2 worked like a charm. I installed pfSense 2.7 CE, moved the NIC over to the new system, upgraded to pfSense Plus 23.05.1, and then restored the 23.05.1 config from the old system. The whole process probably took less than 30 minutes and everything was working fine by the end of it.
I only ran into two minor issues:
After config restoration the udpbroadcastrelay package service refused to start. Disabling / Re-Enabling the package via its GUI configuration page solved the issue and the service started fine.
I was greeted with a bunch of errors after the initial reboot that followed config restoration. These were mainly pfBlockerNG related. I use pfBlockerNG lists as aliases in firewall rules and these lists don't exist without the initial pfBlockerNG update (that downloads and creates them). Once I ran a manual pfBlockerNG update, the lists were created everything was fine going forward.
Overall I'm very impressed with how smoothly the hardware upgrade went - a big thank you to everyone at Netgate for making the installation and restoration process so seamless.