I like No.5 a lot.
Half of my group are regular friends, the other half I see only at these sessions. The option to throw the towel in isn't really there or something that I want to exercise though I do understand this. My friend, who is a PC in my game, had been GM for a few years and just gave advance notice of his intention not to GM. He was just spent at turning up and running sessions which became a "me versus them" and arguments galore. We have our fare share of arguments recently though I am not at that stage yet. I can hold my own and, if needed, I will put my foot down as the RAW is littered with statements on how it is down to the GMs discretion.
But I like No.5...... that would be funny.