Option 1.
I'll say the math dealing with 5K spend.
If you spend 5K on each of those cards at their bonus categories you're going to have different levels of profits. I'll start with the Ink, buy 5K in GC you need to purchase 25 GC they cost $6.95 each but if you're enrolled in VSE it comes out to $4.95 each, X25 is $123.75. $5,000 will net you 25K points for $123.75. Let's move on to the Amex BC if you spend 5K at say S&S you need 10 GC each one cost $5.95 X10 that's $59.50. $5,000 will net you $250 - $59.50 and your profit is $190.50 If you buy the points @1.5 you won't even be able to purchase 13K in UR points. Makes sense?
Excellent spelling it out! The only change in the math I would meekly add is that the above makes it 49.5cpp instead of $122 (=12200 cents, that's $4.88, not $4.95) divided by 25,875 (that's 25x1035, not 25K). This calculation gives the 47.15cpp as @David R explains upthread.