Personally, the closest for me would be option three.
I will probably make two characters (one nice, one evil) and then play either depending on my mood at the time I start the game.
They will not be equal in playtime, since it is usually heavily depended on my mood if I can play evil or want to do good.
Also, I will probably also plagued by restarteritis - unfortunately, the respec is not helping me here. Since I tend to make rather similar characters who wildly differ in the path they go down, and we can't respec those.. >_<
