Hi Fred,
Dunno if I'm the best one to be having a go at this; haven't played Orcs for about 3-4 leagues now. That being said, they were the team that taught me how to PLAY the game (we won't discuss the fiasco that was my Dark Elf team

).
Option 1 has some really good prospects for caning most anyone you meet in the first couple games, provided they don't get lucky and take one of your guys out. Saying that, though, I'd put a Goblin on the team instead of 1 of your linemen; gives you a bit of agility on the team and (eventually) opens up a passing play (Gobbo gets Catch). Funilly enough, this would probably be the team setup I'd take if I returned to playing Orcs.
Option 2 is what I like to call a "long-term investment": start out reasonable, but "small", and build your team from there. This option is good for building a solid base of skilled Linemen to centre your team around, although the Fan Factor could use a little boost.
Option 3 is the best way to go if you're thinking of ever having a Big Guy on your team. AFAIC, if you want a Big Guy, get him straight up, coz he needs those SPPs rolling in quick. One guy in my current league started his Chaos team with an Ogre, and after 1 full cup and the playoffs of the second, that Ogre is somewhere in the 20-30 SPP bracket (only 1(?) MVP).
In a finesse league (lots of Elves, Humans, Skaven, etc), I'd suggest Opt 1 or 3, and centre your playing style around the slow, rumble-down-the-field Cage, bashing and maiming as you go. In a strength league, well... all three options have their advantages: Options 1 and (slightly less so) 3 give you the ability to give as good as you get, whereas Option 2 (particularly with a little more FF) gives you the ability to roll with the punches and still field a partway decent team.
Hope my thoughts help a little; and remember, they can't hit you if they're dead
