Second option looks really interesting! This is already being used in a known propietary OS, and it would be a good idea to have it in GNOME.
I agree with your argumentation: when an user deal with some kind of files (pictures is the most common example) usually needs to edit them, and having an Edit shortcut in the right-popup-menu would be useful and clearer to use.
But this idea implies at least one problem... which program should be used to edit the files? In the propietary OS, the image editing program is included on it, but, for example, Gimp or similar are not included as dependencies in GNOME, so in the case of the image files, having this option in Nautilus should be provided by the editing software itself (which may complicate things) or Nautilus should check if there is any installed program to do such editing (list-based? user-preferences?)...
As an idea I think it's a really good idea, but we should give it a thought about how to make it.