Use the quarter round method. You will make an awful mess removing and replacing the baseboards.
I actually did this on a house where the carpeting had been removed before closing. The original owner wanted to be compensated for the "new" but ugly carpeting she had installed. Not gonna happen! In a fit, she had a crew rip out the carpeting so she could use it on her next house!
Thanks lady! It revealed beautiful 3/4 oak t&g which needed refinishing. The gap at the baseboard covered nicely, even if I had to use 3/4" quarter round. Added benefit? With the gap, you can refinish the floor easier and minimize baseboard damage.
GO FOR IT!