Depending on your CTR you can decide which works better for you. If you plan on going the CPM route I would suggest getting on-board with other ad exchanges than Google since most AdWords advertisers don't like CPM.
The best course of action for you would be to to optimize your AdSense to improve your CTR (with a platform like AdNgin | Increase Ad Earnings, Effortlessly) so you actually do start getting clicks while at the same time "waterfalling" (you can read more on waterfalling advertisers here: The Programmatic Waterfall Mystery | AdExchanger) different networks. Using this tactic you can get the highest revenue for every ad impression...most of the time.
The best course of action for you would be to to optimize your AdSense to improve your CTR (with a platform like AdNgin | Increase Ad Earnings, Effortlessly) so you actually do start getting clicks while at the same time "waterfalling" (you can read more on waterfalling advertisers here: The Programmatic Waterfall Mystery | AdExchanger) different networks. Using this tactic you can get the highest revenue for every ad impression...most of the time.