The second.
Altough a system of counters might make the first doable. But oh boy tedious.
I think there is a reason why I never seriously considered it.
Would feel complicated compared to just adding Bond on Hit.
Currenly, I'm thinking about setting Bonded Fury to 1 Bond and 4s recovery (as original, so it's not just a pseudo passive, you need to take action economy to activate ; if not Bonded Fury won't require a "choice" from player ; it's important that an active ability is a choice) and 30% Bond on Hit/Crit (Bonded Fury comes with built-in Aware, so it shouldn't be too hard to get Hits).
For the general power level adjustement of the pet itself, I could add x% action speed on top of Nimble to Bnded Fury (which leads to more Bond). It could be 25%.
Cat's Advantage is mitigated by its mediocre PER, Antelope interaction with Distracted Training, Bear synergy with Hardy, and Stag Bond from AoE Hits, wolf benefitting the most from attack speed and Boar... from stacking various sources of heal I guess ?
Bond generation this way could stack with Distracting Training, although Distracting Training should contribute less.
Bonded Fury would basically be a "pseudo-mandatory" pick (but not too constraining since it is a Tier 8). Distracting Training would be more "optional icing".
Other than that :
Vengeful Gried will add a %Action speed (passive, stacking) on top of Nimble. Thinking about 25%. Not compensating for pet's fall, but would start feeling decent backup.
Heal Companion would be buffed (duration to 12s), for a reliable heal. Not sure about Hardy which would feel redundant with Bonded Fury. I could go for a flat damage reduction on top of Hardy. 25% would be enough. Removing a CON Inspiration would be infortunate for a heal, since heal+CON inspiration saves you from CON Afflictions. Instant heal (at least without action from Ranger) should remain the unique property of Play Dead.