1920 x 1080 HD is the same as HD 1920 x 1080 16:9. Only difference is the aspect ratio. 16:9 should be used if you have applied lightbox in your footage. I would say go with the first option to get the full frame of the shot where as if you use 16:9 your actual frame will be cropped.
It's better to apply both profile. It's just drag and drop in compressor. See which one you like.