I will say that a blanket ban NOW with the current demand for wildlife products still in vogue in China is going to do more harm then good. Which I think does not fit either of your scenarios though it does drifts towards the latter.
This whole reaction was born out of the fact that unregulated wildlife products makes for a perfect vector of disease, an abrupt ban in the wake of this tragedy is only going to drive the activities away from places where we can effectively monitor and control it.
I don't think this entire reaction was merely because unregulated wildlife products were a vector of disease, but that there has been an growing changing mood in Chinese society towards whether certain animal products (not just wildlife) should be consumed in general.
This particular epidemic just happened to paint more of a spotlight and accelerate people's attitudes on it.
Now, you are correct that a blanket ban without any other supportive measures may not be wholly effective in curbing consumption of various animal products, but I also don't think that a blanket ban is something to fear simply because it might drive some activity underground where it is harder to regulate.
IMO the net effect of banning certain products and the stigma associated with it and the actual legal and prosecutory processes involved in enforcing the law can produce a significant net positive, especially if paired with public education and PR campaigns to change societal attitudes.