I have never played hoop at an elite level, but played all the way through high school, and a little intramural in college. I think you need to take into account the style of your offense/defense. Is it Run-n-gun constant fast-break offense combined with straight man to man D? Or does your offense move through a really good big man, who can post up along with a zone defense(slow and methodical)? The same argument could be made for the individual player; as a guard my needs differ from a power forward or center. Personally I would agree with option 1 off-season, and then option 2 pre-season. I look back and wish i had something like option 2 to prepare mementally and physically for the games that were non-stop back and forth for 30 plus minutes.
just my 2