Sculptra or Radiesse are the two best injectables for this area. But yes, there is a small risk of your malar edema getting a bit worse. Perhaps you can test out how things will look by using a shorter acting injectable like Perlane.
I don't have a preop to compare to. I think that you might investigate a cheek or lower face lift- longer lasting, more cost effective, and will address more of your needs. Just a thought.
In deciding which will work better, it is likely that the laser will have a longer lasting and more aesthetic result for your wrinkles.