Both work. It would all depend on the what the water hole presents as far as trees wind direction cover ect. I like my shot angles off the ground and do think a good blind helps a "little" with scent control at least that has been my experience.
thanks Chad, I'm stoked. The plotting begins, big unit with lots of places. Going to try the water approach early though as I think its likely the most effective way of killing a bull.
I prefer a ground blind. More up close and personel. and you can move it more easily for circumstances when some areas won't accomadate a tree stand. I use a length of camo burlap and hang cuttings on it and it works great. As usual play the wind with any set up.