The ESP32 has the most I/O of the ESP family… and you can also consider multi-device scenarios… One App project with many devices, that can even easily share info across if needed via Bridge Widget or other methods.
I have also used a multi-device situation with the Arduino blissfully running non-Blynkified fast code in the loop() while monitored and controlled by an ESP that runs a Blynk sketch.
Thanks! If I were doing it again (and who knows, maybe I will), ESP32 or NodeMCU might have been the way to go, though worth noting that limits my expandability somewhat.
I think your latter scenario might be the way to go in the long run. I more or less have the hardware to do it already, technically, since I already have an esp01, and all signaling is handled by vpins anyway. Will probably do the clunkier software-only solution first just to get things running, since the main goal of this particular project is a hardware proof-of-concept demo anyway.