Painting - Exterior paint and primer application options

First the setting: the walls currently have white paint in very poor condition and the siding is in somewhat poor condition as well. We will be painting a pale yellow. I will likely be selling this house in two to three years. I am condidering two different paint and primer options and would appreciate any comments on the pros or cons of these.

Option 1: after power washing and scraping, prime all bare wood with Shermin Williams exterior oil primer and then apply two coats of Shermin-Williams A100 exterior paint. Total paint and primer cost about $200.

Option 2: after power washing and scraping, prime all bare wood with Shermin Williams exterior oil primer, then prime entire house with Shermin Williams exterior oil primer, and then apply one coat Shermin Williams Duration exterior paint (their top of the line exterior paint). Total paint and primer cost about $300.

Or does anyone have any other suggestions?

I would prime with A-100 oil primer. Bare wood , and other areas in need. ( crazed or sanded areas) Then use SW Super paint. I wouldnt spend the extra on the duration if your selling in 2- 3 years. Super Paint in considerably better than the A-100 and a grade lower than the Duration. From the prices you mentioned you must have a smaller home. The primer is about 100bucks for a five and I know the A-100 is about 100 or more for a five. You wouldnt need to prime the whole house if you use the duration, if your painting over a clean, sound surface of paint you dont need to prime, this goes for the A-100 as well/. Anyways I would prime and use the A-100 or Super Paint ( 2 coats or applied to coverage).

I agree with PBTroy with all but the need for a full primer.
Is the current paint on your house Oil based or latex? Is the paint chalking? when you rub the paint do you get a white "film/powder" on your fingers, if you prime the whole house you will get a better bond in all areas. You should apply two top coats over the primer, I know alot of people that have gone the tinted primer/1 coat route and you just don't get the same protection and coverage you get with 2 top coats, this is because primer doesn't have the fillers that top coats have, they have more binders, that's why they are primers not coaters.
If you need any more help let me know

Where I am at A100 is on sale right now making it somewhat attractive. I am already not going with the super cheap stuff at the home improvement stores and price does matter. The cost on these options for priming the entire house with SW A100 oil primer and painting with the following configurations is roughly as follows (all Shermin-Williams paints):

primer and 1 coat duration ~290
primer and 1 coat super paint ~240
primer and 2 coats super paint ~360
primer and 2 coats A100 ~290

The 1 coat duration and 2 coats A100 options are about the same price. Using the duration would mean one less coat of application. What would you all recommend of these two options at roughly the same price? Which would give me a better finish? Would trying to save some money on the primer be a better option than going with the SW A100 oil primer (on sale right now for ~27 a gallon)?

All advice above is right.

My 2 ¢: primer + 2 coarts A100. If you are selling, then it should last at least 3-5 years.

Couldnt agree more...