I use option two. In addition I learned to use a sail tie on the aft reef point around the boom because using just the reefing line causes it to chafe otherwise.

The 2nd reefing line is for the upper reef if your sail is cut with one.

For my every day main attached with slugs, I also leave the reefing line permanently setup through the reef point with it tied on the boom. My main is loose footed so it isn't a problem. When the main is flaked on the boom, I just run the reefing line through the aft sail tie to stop it from hanging out of the bottom of the sail cover.

I don't think my race main that I roll for storage will ever see a reefing line, even though it has a class required reef point.