I've considered option 1 before, but in practice I go for option 3.
I'd say don't go out of your way to avoid or create a particular bye week situation. I use it as a tie breaker between two equal players at a position, but not much else.
In 2002 league my starting WRs were Harrison and Owens, both week 4 bye. Yeah it was a pain in the ass, but they both ended up being worth it down the stretch.