Again this is my personal view based on my person experience.
I would follow the small capital raising approach made available, i.e the 20 investors, not more the $2 million.
Why?
Because, it allows you to walk before you run. It sends a signal to investors, especially if it is your first project, that you are acting in a professional and business like way.
From a business point of view I would be concentrating in moderate projects with a budget that falls between $750k and $1 mill. Productions which target pay TV and sell through video. This will give you the chance to make back money, pay a dividend to your shareholders and then reinvest the capital and the profits into your next production.