Depends. Do you have a job lined up already? If so P/F to protect GPA if decent. I know grades seem super important when in school, but applying for job after a year past graduation, and employers are gonna care more about experiences and personality over grades.

Plus, no employer is going to look at a transcript. Just the rank and gpa on resume. But again, employers are only using grades as a risk proxy, so if you have experience, experience is likely the best indicator of success, and will indicate more accurately than grades whether you are hireable.

Be less risky to the employer, either by experience or personality.

Note, if you are looking for Biglaw or something prestigious, then grades are gonna be how you are evaluated and compared to peers since you won't have "experience" to compare against.