I responded to the last Wind River question about two weeks ago. Come on, guys, we need to take turns and get different perspectives :).
Both are fine routes. It is hard to miss even if you were to randomly poke your finger at a spot on the map.
If you go over Hailey Pass be sure to take the short side trip to Baptiste Lake and Mt. Hooker. Also be sure to observe the camping restrictions near Lonesome Lake; there are good camp sites east of the lake along the stream. I’ve also seen tents pitched above and ~SW of the lake outside the exclusion zone.
If you do the Highline Trail the must visits are Titcomb Basin and Indian Basin. Another highlight in the area would be Wall Lake which is an easy off-trail walk from Cook Lakes if you get that far.
Mid August is a little earlier in the year than when I usually go. There could be some mosquitoes, would like to hear from someone else on this topic.
I hope you get some more advice.