Obviously I'd take the former since I'd have an average score three shots lower than in the latter scenario, but I think that's not quite what you meant. Here's a more specific rendering of what I think you meant:
Would you rather #29.5 - Play with only 5 clubs (including putter), between 15* and 60* of loft, and remove 5 strokes at the end of your round OR play with all of your usual 14 clubs and remove 2 strokes at the end of your round.
In this scenario I would still go with the former option, at least at most courses. I'd take my putter, 60* wedge (110yd max), PW(150yd max), 7i(200yd max) and 3-wood. Realistically most of my approach shots on an average course would be in the 100-200 yard range, and this setup would give me the best gapping for those approach shots. My "105%" lob wedge goes 110, while my 3/4 pitching wedge goes 120. My "105%" pitching wedge is 150, but the 3/4 7-iron is 160. Super long par 4's could give me a bit of an issue, and I might need 3-shots to reach longer par 5's, but I don't believe I'd lose 3 shots per round or more on average compared to having a full set of clubs in my bag. 3 shots per round is a big difference to overcome, and if you have practiced your partial swings and know their distances you shouldn't be losing that many shots per round by using partial swings more often.
My takeaway from yesterday's final pairing of Wolff and DeChambeau, for the amateur in all of us, is that it's okay to have an exaggerated forward press, lift the heel of your left foot well off the ground, loop your swing, stick your arms straight out and swing hard.