Why is there a trade-off between AC current measurement and AC voltage measurement?
Even though it is a "range" it will likely measure lower than that, when you change ranges, it more or less moves the decimal point changing your accuracy on from a 1V range a 10V range a 100V range and so on gives you more digits on the display to show more info.  The 4V range may show you from .5V to 9.999V. You may want to see if you can find the manual for the meters in question to see what the ACTUAL minimums are.

As for selecting meters, it really all depends on your typical use and need.  If you have the need to resolve currents down to 400μA, or at least below 60mA, then #1 is the better choice.  How many of your projects use AC voltages below 4V?  I personally cant remember the last time I needed a DMM for such small AC measurements. In my projects, I am typically measuring DC, I would aim at the DC specs. You are likely to end up with more than one DMM, so if it was me, I would go for #1.

DMM#1 also is a True RMS meter. Where #2 is not.