It partly depends on what your personal definition of "great" and "sub-par" is, the level of play and what defense you run.
I inherited a team D3 team many seasons back that featured 3 players with defenses in the low teens, but all three were also slated to have strong speed (2 in the low 90s, one in the mid/upper 80s) and the team ran a press. Out of morbid curiosity, I just decided to go with it for the first season rather than attempt an intervention for perimeter defense. While all three certainly could be foul magnets and opponents shot the hell out of the ball against us in some games, they also racked up steals for me at a rate I didn't expect given the defense ratings.
Given that experiment, I'd certainly opt for Option 1 unless maybe I was playing a man defense.