Newbie Pipeline design question

[Paul Stuart]

Hi,
 My system needs to:
Preview captured video while encoding in up to two different formats to two different files while the user may asynchronously capture jpeg stills.

So, is it better to implement this into a single, fancy, pipeline where I dynamically add and remove encoder elements, or is it better to spin each into a separate pipeline and launch them in parallel, like:
Preview Pipeline: Capture->Display
H264 Encode Pipeline: Capture->Enc->Mux->Filesink
JPEG Encode Pipeline: Capture->Enc->Mux->Filesink

And so on. Is it a fair question to even ask which is better?

Thanks,
Paul