Study permit for yourself and OWP for spouse is the only right option if you wish to apply for both.
People consider chances of refusal, because if you apply alone, your spouse remains in home country which serves as a strong tie for you.
So yes chances of both being approved together are slightly lower, but it depends upon your over all profile as well as that of your spouse, if it is good enough, you both might very well get it.
So it comes down to your choice, if coming to Canada is really important to you, so much that you are willing to come even if you have to live away from your spouse for a while (could be years), you are okay with that
VERSUS, you would only come if your spouse can come.
If you wanna play safe, apply alone.
Again they allow spouse on open work permit IF you have enough funds, strong past education / work profile, so a visa officer is convinced that you wont stay illegally in Canada if you dont file a valid extension. Also (thanks to our past pakistanis deeds), they also evaluate if you are the type who would come to canada, throw your passports away and claim a refugee. I know it sounds rude, but unfortunately enough Pakis have done this, so we can't really blame CIC and they really don't have a way of knowing, except evaluating your over all profile.
Generally people with good education and jobs in Pakistan have no issues.
His case is not that of visitor visa, so please dont waste an application on TRV and getting unwanted refusals. He is your spouse and unless he is applying for coming to Canada for a totally unrelated reason like his employer sponsors him for a conference or a customer visit or something, TRV is not the type of application for him and would likely get refused.
His TRV won't be processed before yours as your dependent. Getting work permit from inside Canada isn't that hard being your dependent assuming you have funds. But getting first time TRV is close to impossible given your situation.
Also see my earlier post describing two types of trvs (short term visitor trv versus longer term trv with visitor record).
If you are applying for his SOWP along, you definitely need funds for him for one year of stay. So those should be in his account. I don't really think it matters if it is in CAD or not. CIC in Pakistan can do rate conversions approximately.
If i remember correctly the amount required is some where between 6-10k CAD for him. This is in addition to your fee and cost of living for the year. So you better separate each of those out clearly in the application.
