My plan is a mixture of both plans. It is just my son and I, so I am careful about buying bulk packages.
Every time there is a Walton order, I get a few of the small cans. Mostly dairy products like FD cheeses and such. Things that I consider luxury items, and would only open as a treat (we are MAJOR cheese lovers, and velveeta would NOT satisfy).
The stuff like egg powder, etc, I just plan to seal into smaller containers when I open it. In a long-term, no-power scenario, I assume that the stuff would be used up anyway.