You don't have to do either!
Upload all your data to OneDrive, and then use OneDrive as your primary data source.
There is a new feature in OneDrive that appears on the drop down menu when right clicking on any folder called "Free up Space". What this does is leave a pointer to every OneDrive file on your drive, so you can see everyhing that is in OneDrive, but deletes the actual data from your OneDrive folder. Anytime you need to work on a file, it is automatically downloaded to your laptop on demand and remains on your laptop until you once again give a command to "free up space" for the associated folder.
In this way, you can have "access" to 1 TB of OneDrive data on a laptop that has a very small capacity disk.
Some files you will want to keep on your laptop because they are frequently accessed. This will automatically happen as you use your computer, because the files that you use will remain on the laptop after downloading on demand from the cloud. Periodically, when the capacity of the hard drive (or ssd) nears capacity, you can selectively "free up space" to remove the data from any files that do not need to be retained on the laptop but will be retained in the cloud on OneDrive. You can see every file that is stored in the cloud on OneDrive, but the actually data for these files will only be retained on your laptop if the file has been recently used.
Once you have OneDrive installed on your laptop, and this data is mirrored on your laptop, you can select the root directory for OneDrive, and select "free up space". This command will delete almost all the data but not the pointers for all files in the OneDrive folder. As you use your computer, the most frequently used files from OneDrive will remain on your laptop, but this will be only a small fraction of all of your files in OneDrive.
You will need to have internet access to use your laptop in this fashion. If there are times you will be without internet access, you can issue a right mouse command on any folder or file to " always keep on this device". This flags the file so always be available on your laptop for later use, and accessing it will not require internet access, since these files will not need to be downloaded on demand.