Go with your 1st option - FOH through 1 and Mons through 2. 7 bands is pretty much useless as anything but tone shaping anyway (can you assign it to an individual channel on your board?). "Usually" it's best to run live PA mono, because once you start panning things hard to left and right, your audience misses out unless they're sitting dead center. Keep your pans at 12 o'clock and run out of one side of your mains, or use mono/sum if you have it.
BTW, congrats on scoring the Mentor. They're scarce, and being digital they actually work even better than the already-excellent FLS built into the PV EQs (and waaaaaaaaay better than the reverse-engineered ART and B*******r copycats). You can search the LAB and prosoundweb forums for more on the Mentor, including how Marty McCann fought the guys in suits to keep it in production (rebadged under the more rider-friendly Crest brand). Good luck!