Use nullary constructor with algebraic data type instead of wrapping with Maybe?

I was doing this type of thing in my code:

data MyType = Cons1 a b
data OtherType = OtherType
             { val1 :: Int
             , val2 :: String
             , val3 :: Maybe MyType
             }

and I was wondering if changing the code to this would be neater/simpler and what the pros/cons are:

data MyType = Cons1 a b | Missing
data OtherType = OtherType
             { val1 :: Int
             , val2 :: String
             , val3 :: MyType
             }

What I am doing is reading lines from a file into [OtherType], each line has 4 columns say with columns 3 and 4 being used to create val3 :: MyType. Currently I am using readMaybe to read a and b and then passing them to a function that returns Nothing if either of them are Nothing or Just MyType if they are Just a and Just b. I was thinking I could change this to return Missing instead thereby removing one layer of wrapping.