Migration Path for SM 9.34, due to HP/HPE split

Mainly due to the splitting of HP/HPE, but also wanting to upgrade, I am working to determine the best migration path from 9.34 P5 (non-Process Designer).  

My main goal is to get off of 9.34, because of the support ending later this year.  I would eventually want to migrate to codeless, but need to avoid the considerable amount of effort and complexity of having to reimplement all modules at once, so I will not be going straight to codeless.  

Has anyone done this? Can you please provide recommendations on the best path?  

Below is a list of possible upgrade paths that I have identified:   

1) Upgrade directly to 9.5x Hybrid. 

2) Upgrade to 9.41 Classic then to 9.5x Hybrid. 

3) Upgrade to PDCP3 then to 9.5x Hybrid. 

4) Upgrade to PDCP3 then 9.41 Hybrid then to 9.5x Hybrid.