How to allow a user to enter a list of IP Ranges

We have a screen where we currently edit an IP pool, that is, a list of IP ranges (1.1.1.1-1.1.1.100, 1.1.1.1-200.1.1.300). It's pretty hard to use because there's a single input and you have to select the one you currently want to edit.

DHCP pool - Design 1

An inline editing grid is being proposed

DHCP pool - Design 2

We're also thinking that an alternative would be to just allow them to enter them into a textarea, where each line is an IP range. This would have the benefit that administrators can create their entire pool on a text field and just paste it here. No add/edit/delete buttons. enter image description here

One drawback would be that when validating it is that we'd have no way to highlight only the range that may be mis-formatted, it would only be a single error at the bottom.

I would appreciate any feedback and previous experience with similar issues.

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