The 2nd option is a bit early in the year. The Greek Islands are cold and mostly deserted until mid April or so, and the good weather really starts in May or June. This is true in Mallorca as well. The Canary Islands are much farther south so they have acceptable beach weather almost all year, although you might get some cooler days in March as well. Even still I wouldn’t really recommend them for a younger person. In my opinion, the Canary Islands are pretty boring because the majority of visitors that time of year will be retired people from northern Europe who just want to sit in the sun. The nightlife tends to be cheesy and/or weak if you can find it at all. Let me know if you have any other questions. -Roger
The high season hotel prices will start in November as well, but crowds are usually thin for most of the month so you should be able to get some nice bargains at some of the nicer places that allow online booking. When they see that they have lots of empty rooms as the month approaches, they'll discount to be on par with some of the 2-star places that aren't nearly as nice.