For the examples you provided I'd pick the 1st.
I would be willing to give up more time, but they would have to pay more than what you are suggesting. Also, I'd be willing to give up my time for almost nothing, if I was building something of my own out of it. IE, starting my own business.
You are right, your time is very valuable, make sure if you're putting in extra, it's going to pay off down the road or your doing it for a very concrete important purpose other than just making a little bit more money)
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