I think I would also go with option 1 but add headers and more cam to reach the power numbers you want.
The problem with option 2, other than what you mentioned already, is that while the Northwind is a good intake, it does not fit very well under a 67 hood unless you modify it by getting the carb flange angle milled etc. If you don't, the carb and air filter are angled up towards the front of the car and interfere with the hood unless you run a small air filter.
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