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Option 1 will work just fine and the one I would do. Also the issue of cutting into the cast iron pipe can be a pain in the butt.
Depending on type of roof you have.....shingles, or metal, cutting and putting on the roof jack on a metal roof is a bugger.
If I had plenty or room in atic and the help of a couple of people to lift the cast iron after cutting it while placeing tee for branch line I would do this on metal roof.
Also I do not know about where you live but here in Maine we get lots of snow and I have seen vent pipes get cleaned right off the roof if they are too low to eves when the snow slided off.
If you get lots of snow, try to get the vent close to the peak.
Gerry
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