Hotgas reheat- modulating or not

For Hot Gas Reheat Coils, for De-Humidification mode- What should be the right approach - Modulating Valves OR 3 Way Valves.

1 method is adding a 3-way solenoid valve to bypass hot refrigerant gas to a reheat coil that is placed after the cooling coil.

What problems can be expected with this design?

Also, the outlet from the Re-heat coil- Should this be diverted to the condenser inlet OR to the liquid line?

How can we control the head pressure, if it drops below the Design point.

2nd option -Modulating Hot Gas Reheat by using pair of modulating valves in the discharge line and the hot gas reheat line?

Cost is one of the factors for this type of design, just wondering, if the the number of advantages really overpower the cost factor?

What should be the controlling temp for the reheat coil - Supply or Return Air Temperature??

Appreciate your valuable views!!