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Mobile game business model choice

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Hello, this is my first post in this forum...

I am experienced with making games, but not with the mobile market, and I'd like to ask you about a monetizing strategy.

I have made a small-to-medium-sized RPG which I want to place on Google Play (and then to App store and to itch.io). The game has four predefined characters with their specific storylines. My plan is to publish the game in the form of two slightly different versions, one of them free with ads, and the other for a price. The first one would have only one default character, with the incentives to buy the "full version" (which wouldn't be named as "full version" in fact). The full version (the paid one) would have all the characters and no ads. Do you think it could be an efficient strategy?

There are two more options I suppose. One of them is making the other characters accessible through an in-game microtransaction. (I have recently seen this model in the Dungeoneers game.) The last one (and easiest, but I doubt about its efficiency) is to make the game free and get revenue from ads only.

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