To not answer my own question, I'd say: all of the above.
That is, it just needs to be a consistent strategy across the whole organisation.
So if you go for option 2. Don't just do it for one year; do it for five years. Assemble a reasonable squad of mid-range picks then build a team-based game-plan that uses the evenness of that team.
Or go for option 4. But don't just do it for one year; do it every year. And develop a plan based on having 5 aces and a bunch of unskilled (literally) worker bees around them.
I reckon either could get the job done.
I'd go for option 2, with as many mid-range picks as possible - even 4 picks in the 30s - just because that's the kind of team I'd like to support. Working class. Blue collar.
But I'd only pick sliders - kids slated for the top 10 but who get dinged by injury or off-field stuff. Again, I just think that'd be fun.