That is one way to look at it, but the "high-energy helium-4" is usually not shown in path 1. The more conventional notation has the neutron (2.45 MeV) ejected as part of the reaction, which is generally seen in hot plasma fusion but not in LENR.
I understand your thinking differs from the usual approach to the nuclear process(es) in LENR (cf. Storms). Can you explain why you think your path 1 above is the correct one? If it is in fact the dominant path, there would be lots of neutrons and thus secondary radiation (and dead experimenters).
According to the experimental results produced by Holmlid and now more recently by Rossi, mesons and pions are the byproducts of the LENR reaction. These byproducts come from the disintegration of sub atomic particles. Holmlid also has identified kaons which are composed of at least one strange quark. These Kaons and the strange matter that they contain can only come from the decay of the proton.
The exploding titanium foil experiments of Leonid Urutskoev show fission of uranium which can only have been produced by muons in the absence of detectable neutrons.
Low-energy nuclear reactions and the leptonic monopole
Georges Lochak*, Leonid Urutskoev**
The oneway entangled transfer of energy from the proton to the SPP keeps the LENR reaction products from becoming excited and radioactive. The detection of muons as a reaction product of stored catalyst when stimulated by UV light points to the production of mesons by hadronization.
Any fusion products detected in these types of meson centric experiments are a result of muon catalyzed fusion. The evidence of transmutation products produced by fission without the detection of neutrons indicates muon production and resultant muon catalyzed fission.