You really shouldn't use the procedure editor you describe in option two via the content folder. It has since been replaced by a new editor for procedures via projects. You create a .procedure file (or in SPS7 .hdbprocedure). These have the benefits for editing as you describe in option two but use a source code based editor allowing to declare what you want before the BEGIN statement as you would in the SQL Editor. Furthermore this option allows better lifecycle management over option one as you transport your procedures via a delivery unit. Option two via the newer editor I describe also now lets you specify whatever Schema you want to create the procedure within.
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