The best way to find out which would be more effective would be to try both for maybe 2-4 weeks each, and see what results you get.
Everyone is different, and one size doesn't fit all, so you just need to try a few things and see what works best. If you start off by doing carb cycling over four days like you listed above, and that gets you the results you want, then just stick with that. If you do that and you don't see any substantial results, or you go backwards, then maybe change to something different.
We can't say for sure though - it all depends on you as an individual!!
Refeeds would depend on how low your carbs are in general. If they are really low, you would probably have more than one refeed day. If they are average, one refeed would be enough. Make sense?
Jordan