If we're talking from the stand point of class trait line identity, then option 2 here is the better choice. Blues identity was basically "can move" which doesn't hold up super well, even if practically yellow was the worse line.

Option 2 will also make red hunter a stronger class in this current state of the game.
It's questionable how this will fix yellow though; not really a great departure in traits or playstyle that I can read here for yellow hunter. So it's hard to judge until actual playable builds come out with updated numbers. Adjusted potencies and cooldowns etc.

As far as the taunt in yellow, it sounds fine on paper, fine concept, but I do share everyone else's hesitancy because a worrying number of players don't know what their skills do, and I've been in too many pug runs that were wiped by a red guard thinking engage is part of their dps rotation, or a beorning not understanding they trained a taunt.