They're pretty close, but I would take team 1. The offense is really deep, and the closers are just nasty, and i think they would be able to make up from the shallow starting pitching it has.
that said, if the batters on team 2 all have the years they're projected to have, then the lack of depth there won't be a big problem, and you can really work with the depth you have in starting pitching on the team. If one or 2 of the starters has an off year, you can handle the blow, and if most of them pitch at expectations, then you have some pretty good trade-bait and can bolster the either the offense or maybe grab a high level closer.
but in the end, i still like team 1. pitching is always unpredicible, and if you can get the right starters off the waiver wire in april and may, that team would reak havoc in its league.