Doug, I would go for option #1, But I would possibly re-make the rear rail so it is the additional 14" needed to mount it without modification.
I was looking to see what time the scrapyard opened, then it hit me that I have a chunk of angle iron in the pile that I salvaged from a store fixture. The fixture was red oak ply and trimmed in red oak, and the angle supported the trim. It was 3 inch instead of 2 inch, but I think it will work (based manly on the price...) I did have to grind off a bunch of construction adhesive and clean off some cobwebs.
The one good thing about the legs of the angle being longer, is I was able to line up the old piece on top of the new and transfer the holes. Since the angle was too long for me to use on the drill press without a ton of effort to support it, I drilled it outside by hand. It took a bit, but drilled pretty easy. I left it long so that I could dry fit it in place and see what worked best.
After the holes were drilled and deburred, I mounted the rail on the saw. I had to remove the post that supported the blade guard, as it would hit the lower rail. I transferred a couple of holes that were in the saw but not being used by the original rail, and will drill those later.
I clamped the support tube to the new rail, and found that I was now about 8 inches too long. I marked where I need to cut, and will go after it either tomorrow or Monday. I will have to shim up the support tube, as the inside of this new angle has a larger fillet than the original. At least the next 4-6 holes for that will only be 1/4 inch instead of 5/16ths.
I have always wanted a better outfeed arrangement, I may keep the original (aka wobbly) table off for now and come up with something a little sturdier. (I will keep all of the original parts in case I need to remediate someday)
Next step is cutting to final length, safe ending all corners, and a quick shot of paint to keep the corrosion down. Hopefully I can finish in the next few days.