This is one of the last primary tools we use to not be running in a dark mode, and it's rough on the eyes every time we have to switch to Jira.
For 1. approach creating a screen for each project is not necessary. "limit it to just the projects and issue types that use the custom field" should be enough. Simply create a screen, which contains all custom fields. The custom fields, for which no custom field context exist for the project and issue type are automatically hidden on the screen e.g. when you create or edit an issue.
I personally use 1. and because Atlassian itself advertices 1. in http://blogs.atlassian.com/2013/12/8-steps-to-jira-field-greatness/ I would go this 1. Your second link, which recommends method 2 is mainly pointing to a bug in JIRA 5.1 with problems in using method 1. But it looks like this is solved (see last comment in https://jira.atlassian.com/browse/JRA-29310).
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