Here is some feedback first, then my suggestion. Obviously, the tree is not pleasing from a bonsai stand point. It has many very troublesome aspects. Even with grafting and big bends, you will end up with a mediocre tree at best. In my opinion, it is not worth either the time or the labor for those 2 options. With that being said, this tree does have a chance to be a relatively nice shohin if you are willing to gamble. I would chop it where I indicated in red. Then let the tree rest and grow untouched for a few years. At that point, you will have something relatively nice to work with and develop as the years go on. I realize that the health of the tree comes first. However, our time, labor and efforts are also important. In this instance, why spends years doing all kinds of work on something that will most likely turn out to still become a poor bonsai.
Rob
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