I fixed one of these for a friend, and I decided to go with the DC-DC module, since a) I wasn't sure I could get the power pad soldered right on the replacement chip and b) I didn't want to have to fix it again. So far it's working fine.
The load regulation of the "XM1584" module I used was very poor, so I set it to 5.3V at low load (Bluetooth off), but I'm not sure that was necessary.
If you haven't seen it, here's a helpful repair video: