1. That lip wont work without extensive modification. Even the Mach 1 lip that attaches under the bumper needs to be cut and shaped, something like this would have to be cut up and re shaped completely. I cant see the means justifying the end result.
2. Would look horrible
3. would look really good, would need work to fit, but would really set off the front bumper. Without measuring them or seeing the full shape, it looks like most of the cutting would be on the bumper and opening it to fit the shape. I kinda like this idea a lot.
I think the best bet would be bumper wise, to get the two pieces and go to town shaping. But if you don't have a lot of experience it could turn out to be very overwhelming. But with the right pockets, you could let a shop handle in.
Right now Im working on a project using custom pieces, and its taken a better part of 6 months (off and on) to get it to were its workable, and there is still a crap load of work to do before they go to paint. One off parts take a lot to perfect.