In case I am allowed to vote, despite the fact that I am not in the upcoming game, I will go for the second option.
1 King, 4 Knights, 5 Rebels, 3 Traitors: 6 votes (Raro, Drano, steephie, Scordatura, butterhead, Erudite)
1 King, 4 Knights, 6 Rebels, 2 Traitors: 3 votes (Battalion, EM, Lukas Podolski)
Even if I don't have voting rights in this context, I would like to throw out my two cents. If we are under the rationale of sticking to originality, I would say we try to keep the number of traitors down - ideally there is only one, as per the card game - but of course we allow there to be two, recognizing the difficulty of taking over the whole board. Note that, in fact, if the VC is not to take over the whole board, the difficulty is insignificant, and thus the justification for more than one traitor does not even exist imho.
The good thing about traitors is not only on their switching sides constantly. Even if their identity is exposed, not everyone will want to kill them. And even if there are ppl who try to kill them, say a particular faction like the rebels, the opposing faction will not hesitate to offer at least some protection. The chances of survival for a traitor is actually higher than you all expect.