As time consuming as it is, I would personally do the later as the idea of not having any updates strikes me as a stupid one to make. I see Windows updates as important as anti-virus updates and I wouldn't switch those off either.
If you want to speed up the reinstall of Windows 8, assuming you have a physical copy on DVD, follow this guide and copy the contents of it to a USB thumbstick:
http://hexus.net/tech/tech-explained/software/31765-how-install-windows-8-usb-drive/
The installation will absolutely fly compared to copying from DVD. It's very likely you'll have the Windows install done in 10~15 minutes.