How would you adjust?

[anklebreaker]

Here are the typical conditions/players at the place I play (live).

It's 1/2 NL (full table). Plays like a 2/4 or 2/5 though. Standard raise is $15-20, and there are around 3 players on most flops. Players aren't exactly calling stations, but will pretty much call any bet when they are on a decent draw.

Other information: lotta limpers and straddling. If there are 6 limpers and the button raises to $20, there'll be around 3-4 players seeing the flop. Players here are quite weak, but not stupid tourists.

I can see two ways to adjust to such a game, and was wondering what you all think.