Not meaning to throw a monkey wrench into the works, but as I look at this tree all of the above options are possibilities but that begs a critical question: Is this tree strong enough to survive this kind of treatment? As I look at the tree the condition of the lower branches, which seem to have all but died over the last couple of years, and the fact that the top is not quite as vigorous as I would like, or suspect it would be, if the vigor of the top is responsible for the decline of the base. For those of you just starting out sometimes run away top growth can cause a serious decline in the lower branches.
So----I suspect that the tree is not in the best of health and could use a season or two of careful fertilization to regain optimal strength. I know this is not what anyone wants to hear but it is none-the-less something to be considered unless the process learned is considered a legitimate price. This too is OK, as long as one considers this and does not set their expectations too high.
In short: Go for what ever approach you desire, it is after all your tree, but know that there is a substantial risk at this point. Just don't come back on yourself and say this is too hard I can't do it so I'm going to quit.
I have seen this more times than I care to remember. There was a lady in our club years ago, who as a beginner, had an eye to pick the most wonderful raw material but could not convince herself that she could take the tree beyond where it was and no amount of coaching could change her mind. She eventually quit. This should not happen just because of an inability to believe in one's self.