Not really a fan of either Options 1 or 2, Option 1 trying to turn Blue into a "Jack of all Trades" just ends up with a heavy emphasis on "Master of None". And Option 2 while marginally better just turns Hunter into a single spec (Red spec with Blue).
I understand what your trying to do with Yellow and had severe reservations with it until your latest write-up and now my reservation are slightly reduced altho for the most part the main problem remains (Until you get the newer Emergency Prep at the end of the line).
To explain: There are 2 forms of CC, most classes including Hunter have "Direct CC". This is CC that you target mob, fire, and Server checks yes or no. Traps are "Indirect CC". These only work if one of 2 situations occur. 1. "Preparation" Take time out to prepare your trap setup and draw mobs into them. Great but adds time to everything you do "especially in group situations". 2. "Luck" Drop a trap on the move and hope the mob runs across the trigger. This suffers from the problem of "LAG" sometimes not rectifying with the server that the trap was even triggered after a mob runs across where the trap was.
With the newer Emergency prep at the end of Yellow you allow the hunter to fire their traps directly at targets allowing the "Indirect CC" to become "Direct CC" and that solves the problems inherent in an "Indirect CC". (I was going to suggest this but wasn't even sure if firing a trap at an enemy would even be possible.)
Long story short however, I still don't see the necessity to make Yellow a spec-able line. It seems to me to still be nothing more than a support line that could and should simply be designed Utility style to support Red and Blue in group situations if folks want to take it but at the same time doesn't add much but some 90% more CC utility.
Footman Ryvick DonHuntstead 120 Guardian
Officer of Baruk Khazad
Arkenstone Server