Voted for #2, but 1:1 ratio between RT and GT is unfeasible. In BG2, if I remember correctly, the ratio was 1:60, i.e. 1 minute of real time = 1 hour of game time, or 1:30 maybe - anyway, something like this. And it felt pretty natural.
Maybe switch to 1:1 during dialogs, but that's pretty much the same as pause.
