If possible both. If forced, the first because it is tighter narratively and perfect setup in the most Cold War inspired locale of the series, whilst perfectly emulating Fleming for one of the only times in the series. And because the world of Bond comes to life in the personage of Kerim Bey. And because of next to OHMSS, this has the best title sequence in the series. And so on...
Young's direction is perfect and elegant throughout...until Grant's death. This is a problem in the novel and for the script the jump back to later events is instead transformed into a series of mini-chases that are themselves not entirely inspired. What is however is the realism of these attempts.
This is S.P.E.C.T.R.E.'s last ditch "kill Bond" plan since Kronsteen's plotting has failed. So of course it will be simple and unending. 007 must reach Venice to find safe ground...or so he thinks.
Despite being shorter and without the luxury of being fully designed, the helicopter stalking has a good deal of the intensity lost in the crop duster scene in North by Northwest because the shots are fully real and were done without the assistance of plates, rear projection and obvious studio work. (Yes, I know, the rear projection of the helicopter burning is rather obvious.)