I think you can do it any way- the prequels stand alone but both are, in my opinion, not quite as good as the original so I think you would get more enjoyment if you can relate more to the historical characters because of the characters you know in the current version.
There were a couple of flashbacks with the characters in 1883 in season 4. It doesn’t really matter if you see it first. Personally I loved 1883. I might like it better than the main show.
I would watch seasons 1-4 before the prequels but it’s not necessary. They do stand alone. I haven’t finished 1923. Season 5 was split in half. The first half has been broadcast. You can always wait for rest to drop before starting the season
I found the first 2 seasons to be excellent. After that the performances remain good but the plots seemed to lose their way.
I loved all three shows. I’ve watched both 1883 and 1923 after Yellowstone, and that was fine. You could watch them first as well. I can’t think of any spoilers in any of them - they are very standalone stories with different characters in each.
I’d probably watch Yellowstone first, since that’s what came out first and most people saw it first. But it’s five seasons, so you could make the case for watching the one-season 1883 and two-season 1923 (the second yet unaired) first.