If it was mine, I'd go w/ #3 for the same reasons you gave. That way if it doesn't pass muster, you still have it in a 4.5 slab. I don't think the .5 matters a whole lot on a 4.5 to a 4. Higher grades yes. Definitely would not do #2. Unless you are a gambler, want to chance a lock 4.5 that likely comes back EOT. Then, you've lost the works! Happened to me on an Arron RC in PSA 5. Thot it was badly undergraded. Cracked and subbed raw. EOT! Also pass on #1 . . . unless you are rich and want to make Joe Orlando richer.
