Either one is fine conceptually. Splitters and combiners work in both directions, so it shouldn't be a problem.
Even though #1 might look really odd, in reality, everyone who uses an SWM and a splitter has this config, because the SWM passes down SAT signals at 900MHz (and higher) and simultaneously sends control signals up at 2MHz or so. So each thing you think of as a splitter is actually also acting as a combiner for control signals as they pass up to the SWM. Switched digital video cable systems work almost exactly the same as SWM, and any cable system with a PPV buy button also works the same (even analog ones).
Even though #1 might look really odd, in reality, everyone who uses an SWM and a splitter has this config, because the SWM passes down SAT signals at 900MHz (and higher) and simultaneously sends control signals up at 2MHz or so. So each thing you think of as a splitter is actually also acting as a combiner for control signals as they pass up to the SWM. Switched digital video cable systems work almost exactly the same as SWM, and any cable system with a PPV buy button also works the same (even analog ones).