A third way is a nightmare to get right and has the possibility of blowing away your net presence (as does completely starting with a new database) bringing over only portions of the database such as product and/or orders... remember your product is known on the internet by the browser path to get to it. If your current product of 132 becomes 5, well in for a tough climb back to the search engines. Not a forever loss, but there are ways to take little to no hit as described above by reusing the existing database content.
As to the date issue described the lessons that dbltoe learned the hard way (at least associated with the Zen Cart core data) has been addressed in the database upgrade process. Again that's why that "step" should be practiced on the demo site...
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