upgrade/patch from 8.1.7.3 to 9.2.0.3

I am planning on upgrade from 8.1.7.3 to 9.2.0.1 and then patch them to 9.2.0.3.

Should I:

1. install 9.2.0.1 software
2. upgrade the existing 8.1.7.3 DBs to 9.2.0.1
3. patch 9.2.0.1 software/DBs to 9.2.0.3

Or

1. install 9.2.0.1 software
2. patch 9.2.0.1 software to to 9.2.0.3
3. upgrade existing 8.1.7.3 DBs to 9.2.0.3

?
thanks,

I would go for the second method.
or you can also use migration assistance to do upgrade then apply the patch.