Go with Data-first, THEN go with Model-first. You don't have to pick... use the data-first wizard to generate EF for your existing table, then use the designers to create additional objects, then sync that back to your database. The concepts of model-first and data-first only applies to the initial creating of your EF stuff - anything you do after that can by synced in either direction.
This shows how to put database changes back into your model after it's created - you can do the other way too, but I can't find that article - all the new videos and crap are hard to navigate - you may be able to find it.
http://msdn.microsoft.com/en-us/data/jj206878
After all, the framework wouldn't be very useful if it locked you into never being able to update anything. Right?