Joe,
Option one works just fine. I have had integrated 2-channel with add-on HT during a couple fo different system iterations. It is especially easy and straight forward if your 2-channel pre-amp has an HT bypass/processor loop and even easier still if it is switchable via remote because you can set up a macro to do everything for you.
If you are truely interested in an inexpensive temporary solution, go immediately to the link below and order a Pioneer VSX-1014TK.
http://store.yahoo.com/pricesrite/vsx1014txk.htmlAt $350 including shipping, it is probably the best value I've ever seen in a fully functional HT receiver. Unlike most of the inexpensive digital receiver, it has pre-outs for all channels. It also has more digital inputs, plus video switching with component video upconversion. Some folks have said that it is the same as one of the Elite receivers, but just doesn't have gold plated RCAs on the back. Oh yeah, it also has an automatic calibration feature called MCACC, so you just hook up the supplied mic, sit it in your primary listening spot, select MCACC via the remote and the receiver automatically calibrates itself. Way cool!!!!!
Heck, for $350 brand new, you might like it enough to keep it for the HT portion of your combo system. But if you don't keep it, you could sell it on AudiogoN and likely lose less than $100. I bet you can't say that about a big buck receiver!
I've owned lots of separates and lots of HT receivers, including the $2800 B&K AVR-202. The Pioneer VSX-1014TK is good enough to satisfy my HT needs and it is cool enough to satisfy my geek factor. It also looks surprisingly similar to many $1000+ receivers.
Anyway, Yes, you can have an easy to use combo music/HT system. My preference is to always keep the 2-channel rig independant of the HT. So, building a great 2-channel music system first,then adding an HT receiver to it to perform digital processing, radio tuning, LFE bass management and power for center and surrounds has always been my choice.
Enjoy,
TIC