I would honestly say the best approach is the approach that means you don't need to do them.
You'll just accrue a sleep debt anyway. You'd be amazed at how a screwed up sleep pattern can affect you so much (experience as a night shift worker).
Now one all nighter won't do much damage-but really the productivity they give is an illusion because your mind won't be fresh and take longer to do things, it means you are less effective the next day at absorbing new material and you will likely end up catching the sleep up the next night or weekend.
Taking care of yourself is the most important thing in tackling anything in life. From the HSC to trying to build a to scale model of the Eiffel Tower with toothpicks-you should aim to be fully rested, calm minded and put your best foot forward.