option 2 is useful if you're only going to shoot panoramas and the camera will always be level (not tilt the camera up and down for mosaics)
option 1 will work as above for shooting horizontal panoramas (no camera tilt) - you use the ballhead to level the PCL-1 instead of the LVL. If you want to shoot mosaics with camera tilt, then the base of the ballhead needs to be pretty level manually (depending on how many images you're taking), then you disable the PCL-1 and use the ball head base for panning
option 3 lets you level the base of the ballhead more conveniently than option 1 if you want to tilt the camera for mosaics (PCL-1 still disabled) and basically accomplishes nothing for purely horizontal panos using the PCL-1
option 4 - foget the PCL-1 (and the considerable investment) and use the LVL with a bubble level on the hot shoe for purely horizontal panoramas
option 5 - if you're serious about shooting mosaics with lots of images use the LVL with your PCL-1, then add the RRS omni-pivot package with the second PCL-1 (about the cost of a ball-head)
i'd suggest shooting a bunch of test panoramas with whatever you have and a test copy of PTGui (or whatever you want to use, but the software makes a difference)
if you primarily want to shoot distant subjects, with 5-7 verticals, you can probably do it hand-held. If you want to shoot mosaics of interiors or landscapes with lots of foreground then you probably need option 5. really does depend on what you're shooting - and again, the software makes a difference