The problem with option (2) is that following this course of action will require easing the preventer line until it bears up hard against the shrouds, placing enormous lateral loads on them. And this will occur at about the same moment that the angle of the line from the bow to the boom-end will lose most of its purchase (i.e. mechanical advantage), so the preventer will no longer be able to overcome the tremendous leverage being exerted on the boom via the backwinded sail. At that point the only option will be to release the preventer entirely and let the boom jibe violently. In addition to risking damage to the boom or the leeward rigging with the jibe, there is risk that the windward rigging, probably the spreader, will be damaged if the preventer line is permitted to bear up against the shroud prior to release.
That was going to be my next question. While the sail is backed and the boat is busy rounding up, how do you release the line that runs to the bow? Especially in the middle of the night in a heaving sea and a good strong blow? I would guess with real sharp knife and a character-building jibe. Definitely not for me
Also, John (and SD) - yep I reckon you're right on the regional interpretation issue and will accept that as is.