butelja, I believe that discharge temperature and humidity can be accurately controlled using either method, assuming a well-tuned BAS (with well-placed sensing devices) operates either the damper or valve, but I prefer Option A. The reason is that if you had a plant full of air handling units that vary bypass air flow versus chilled water flow, you lose on the opportunity to save in chilled water pumping costs. During low-load seasons, for example, a central plant serving a system full of Option B AHUs would still pump full flow even though it may require only 30% of the cooling capacity.
If you think back to thermo basics (Q = m * Cp * dT), the Q, or energy required from the load, will be constant [lower water flow-(m), higher dT, higher flow, lower dT, therefore constant Q] but the difference remains in the pumping losses at the motor (minor), mechanical pump losses(medium), and system friction (major).
I have no concrete evidence, but I think that excess energy losses from Option B would be the deciding factor.
Best of luck, -CB