you do both. blink hop is useful for changing direction without losing too much speed or using too much adren, or regular bunnyhop for lower speeds but uses no adren at all, and works more efficiently for short distances.
you can bind a 3jump script to spacebar or whatever you usually use for jump, or (what i would do) just bind mwheeldown to +jump and give it a quick flick every time you jump (this works on bs 1 servers). it takes getting used to, and some mouses suck at it, but its much more versatile and no less effective than a jump script.
Most of the time as fade you aren't "bunny hoping" but you are exploiting the same engine "bug" as bunny hoping, which is that combination of strafing/circling movement in the air. You could bunny hop as a fade just as a skulk does without using blink at all; but I think you want to learn how to "blink" hop. It's the same idea, just instead of using jump, you blink. Assuming you already know how to bunny hop, my best advice to you is to watch a pro fade in action.