PI 7.31 to PO upgrade approach

Hi all

We have to upgrade to PO 7.5 from current version dual stack PI 7.31 sp12.

We have below two options to do that, please suggest which option to go with and why.

Will the PI estimates differ with the approach we choose.

We have 200 interfaces (36 complex [rest to soap/soap to soap] + 14 medium +150 low (idoc to file))

• 1.Option 1

• a.Upgrade to PO

• b.HANA migration

• 2.Option 2

• a.New PO installation on HANA and migration

Is Rest compatible with PO 7.5?

Thanks