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If you're already making money with blogs then you should go with the advice that the majority of people here are giving you, and go with the second option.
But If you're struggling with building your blog network i.e. not getting good ranking, or conversions etc..then you should definitely go with DamageX's advice. If you don't know what you're doing, it doesn't matter how much money you spend; you won't make much money.
It's ok to spend the money on your network, but don't spend it all; unless you know what you're doing. Trust me...I'm always spending too much money on content, scripts, traffic, and anything else I can find...I usually end up abandoning the project because I don't know what I'm doing.
Do you have any contact info?
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