Should I story board/outline the novel and hand it over to a ghost writer directly to write from scratch?
Or should I write a "bad" first draft and hire an editor to rewrite it, ideally in a more compelling manner.
That rumble in the distance is the sound of a thousand plotters and pantsers, marching towards this thread to wage war on each other.
The answer as to whether you should outline first (i.e. plot) or dive into the deep end (i.e. pants) is a matter of personal preference. I strongly prefer the former, others prefer the latter. Either option is valid.
That said, I don't believe I write prose well enough to be commercially viable (e.g., descriptions, grammar, etc.).
If commercial viability drives your desire to write a novel, the kindest advice I can provide is to give up now and find joy in delivering pizzas instead. You'll be considerably better off financially.
A first-time author will typically sell north of a couple thousand books† and will be lucky to ever outearn his or her advance. That advance might only be five thousand dollars, before your agent takes his/her 15% cut.
Ghostwriters do not come cheap. Expect a cost somewhere in the tens of thousands of dollars. There's also no guarantee the work they provide is precisely what you had in mind.
Editors, who come in two distinct flavors, aren't cheap either. There's your developmental editors who figure out whether the story follows a logical progression and point out where your characters behave inconsistently, and line editors who suggest better alternatives to misused words. If you intend to hand in a bad first draft, you're going to need both types of editor. Factor in another two- to four grand to the total bill, unless a traditional publisher will cover those costs for you. Traditional publishers are flooded with countless manuscripts each day. They will not invest time and money in a poor first draft.
Also, editors are not rewriters. Typically they'll return your Word document with a list of annotations pointing out where your story can be improved or where its flaws are. You're on the hook to solve those problems yourself.
Then there's proofreaders. If grammar isn't your strong suit, they'll fix any such problems they spot. For a price. Tack on another cool grand.
I realize I may come off as brash, but I don't intend to. I'm simply providing an honest assessment of why both proposed methods of writing a book are likely not economically viable. If you want to write a book you can be proud of and turn a profit, you'll have to put in a good effort in all aspects of writing. Even the ones you don't like.
† A first time traditionally published author. Self-publish without a plan and your book will become undiscoverable on Amazon precisely 90 days after release.