If I am understanding this correctly, there is no difference between your two strategies. When you designate a unique sequence as an allele (coded as 1 or 2), that is no different from choosing a random SNP from that sequence and designating it as an allele.
The only difference that could come about between the two strategies is if the latter results in higher polymorphism (more alleles in the population arising from the various combinations of SNPs within that sequence as opposed). However, at that point, you may have more than two alleles per locus.
Does that make sense or did I misinterpret something?
V