The latter isn't too bad at all. The wattage wasn't specified, nor the type of lighting. Low voltage lawn lighting could likely cause some issues.
I didn't realize that you were wiring a new house. In that case you have options that some won't have. If you use UL listed components then I doubt I'd see any problems with the inspectors. Anything that has connections needs to be accessible. If we are talking some space in an unfinished basement, then a J-box or better yet a -box with a 1/4" aluminum panel in the bottom attached via a spacer, could house the two components. If you want to do something super exceptional use DIN rail and terminal blocks to make the connections. It's just two parts.
Here is a better pic
http://www.electrical-online.com/wp-content/uploads/2010/09/4-way-network-simplest-method.jpg to illustrate what has to happen.
1. The middle DPDT switch is the impulse relay.
2. The Last SPDT switch needs a 3 conductor cable to your "control box"; just switch to control box.
3. The First switch (output side) goes to your "control box"
4. And you need a two conductor output.
If I had my druthers, I's probably get a wall flange mountable control box and make power enter it. Go to a DIN rail mounted breaker and wire to the first switch. terminal to terminal. Do the same for the last switch (terminal to terminal) and have an output.
Then internally, I'd create a DIN terminal and spacers between each set. (2)(end plate)(ground terminal)(3)(end plate)(ground terminal)(3)(end plate)(ground terminal)(2)(end plate)(ground terminal
You then just wire the cables to the appropriate terminals. Power in/switch/switch/power out
Mount a DIN rail breaker to satisfy a disconnect within 3 feet.
Mount the impulse relay using a DIN rail socket
Mount the other relay using a DIN relay.
Although not strictly necessary, you COULD fuse the timer output.
This then becomes a nice easy to troubleshoot control system. Been there. Done that.
If this really is lighting and later you wanted to add some sort of remote control like from your cell phone etc, it might be wise to make the box larger.
Going say the insteon route, you might need a module that can deliver a pulse and an AC presence signal conditioning. You may also need a DIN moutable wall outlet for the Insteon device.
AC power module:
http://www.asi-ez.com/member/x124-AC-Power-Module-DIN-Rail-Mount.asp
Here is a GFCI DIN breaker, but you can get regular ones too:
http://www.asi-ez.com/member/x557-Ground-Fault-Protectors.asp
Here are some terminal blocks, but the quantity minimums are too high:
http://www.asi-ez.com/member/x526-Terminal-Blocks.asp
Here is some T-35 rail:
http://www.asi-ez.com/member/x046-DIN-Rail-Cutter.asp
L-comm primarily sells waterproof enclosures
http://www.l-com.com/item.aspx?id=29808, but it gives you an idea. These have the backing plate and they even have a duplex outlet inside.
Here is a fancy NEMA-1 enclosure and the sub-panels are optional:
http://www.automationdirect.com/adc...s/Metal/NEMA_1/Single_Door_Wall_Mount#listing Yep, big and expensive.
These are just ideas. Something to make the wiring pass and look neat.