Neither...No first curtain or live view electronic shutter on the K-1. The sole exception is for pixel shift resolution where three of the four exposures use electronic shutter. Although many users speculated that first curtain electronic shutter might be in the mix, such is not the case at least for the initial release firmware.
FWIW, the camera manual is available for download from Ricoh and is in close agreement with the published specs for the camera. Most of this sort of information may be found using the index, specifications, and/or menu reference. The PDF is heavily cross-linked to expose most of the camera's features. I don't expect there to be too many "Easter egg" surprises.
K-1 Manual (English) - PDF (Ricoh Japan)
Steve