InfoPath and SDP not allowed: Use Form or document to solve requirements?

Question

Dear all
I work in a company which has supplied SharePoint 2007 with limited user rights on operational level:
No use of SharePoint Designer, InfoPath, VisualStudio.
But we can customize SharePoint sites with administrator rights.
My department intends to facilitate a site to work with forms or documents.
Scope: 1000 items per year, 20 fields per item.
From my point of view I can see 2 possible scenarios:
Scenario 1
Create List
Create Form
Customize Form (possible? See above for limited rights)
Use form to edit, view and print
Scenario 2
Create content types
Create document library
Create Word template
Link Template to content types and library and create a new document per item
Use Word document to edit, view and print
Could you please be so kind and point out the pros and cons?
I’ll be glad to provide additional information if needed.
Thank you for your support
Frank

Answer 1

Hello Inderjeet
Thank you for your fast reply.
Concerning your 2nd sentence:
Do I get you right that upgrade is simple because data is managed via content types?
Best regards
Frank