Setting up my iPhone on iTunes when other devices are on there?

I just got an iPhone and i plugged it into my computer to get some music off iTunes, i already have an iPad that's connected to the iTunes library on my computer already, and when i plugged my iPhone in it said to either set up as a new iPhone or restore from the backup of my iPad, what would happen if i picked either of them? Would i loose all the music on my iTunes and if i set it up as a new iPhone?

Iphone would give you a stock iphone to do with what you want.
From backup of ipad would load all your apps music and everything straight onto the iphone.
You wouldnt lose data from any device or itunes

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