Another point you should consider before choosing an option is the way the balls are positioned. In this position the balls clearly are positioned in favor of Reyes, so I would try not to look for a shot that I could give up a shot with. And that's what you'll be doing, with the 7 ball positioned where it is. I would shoot Steve's shot and when I get back to the table I most likely will be able to change the position of the balls to level the playing field.Playing off the 5 ball dropping under the 8 ball looks to be a strong option from this position. Especially if the 8 ball is 1-1/2" to 2-1/2" off the bottom rail. From that position you have to like your chances of dropping under it.
Your shot with banking the 5 ball into the 8 ball looks to be difficult on two fronts. The first being that the angle looks to be flat, reducing the target area going into the 8 ball. Secondly when you swing the cue ball around you have to hit it hard enough to defend against giving up a shot on the 7 ball, but not too hard because you'll be tracking toward the corner pocket with whitey. Tough shot to take with a minimal gain, plus you'll lose more often with the shot than you'll win with it. I'd look elsewhere.