I've gone for number 1 with bishop sleeves and a collar. Unusual for a 40s pattern, this one suggests a lining. With guidance from some sewing blogs I drafted a lining pattern. The lining fabric, el cheapo bemsilk, was a nightmare to work with. Very slippery and tending to fray. (I was about to say I'll never work with silky fabric again but I'd love to make some lingerie.) Everything went wrong with this pattern. I sewed up my lining then melted it with the iron. Unpicked and salvaged what I could then cut a new piece. Except i forgot i was working from a different pattern for the lining so had to unpick and recut again. Luckily there was just enough fabric! Then I sewed the collar on crookedly. Turns out cord gives a bit when you sew so you have to start from the middle and sew out in both directions. I must have unpicked that collar four times. Then I couldn't attach the lining to the back neck facing. Took me four goes before I realized it was just like sewing princess line seams and that I had to cut wedges into the unsewn fabric in order to stretch it out. Phew! I'd be very happy with the lining - it makes for an instant proper finish - if i wasn't so worried about all the fraying that might be going on underneath. All that's left now is to attach the waist band, cuffs and decide on the buttons. For a proper finish i really should do bound button holes but i've never done those before and am a bit over sewing challenges right now.
Just noticed the lining sleeves are on back to front. Sigh.