I agree with situation # 2
The difference between P-wedge and 9 iron of most of iron set are :
1. The swing weight of p-wedge should be bigger than 9 iron at lease 1 swing weight.
2. The lenght of p-wedge is 1/4" shorter.
3. The flex of p-wedge should be harder than 9 iron.
If the shaft have same flex, the p-wedge may be slightly softer than 9-iron because of the bigger number of swing weight.