I almost forgot hidden option #5 at 1B: Trade for Mike Sweeney!
I can't take credit for the idea - this was posted on the Astros ESPN forum, but I kind of like it. The Royals are unspeakably awful this year, and Sweeney is making 11 million, so you'd think they'd trade him without much hesitation. Ideally we trade them something like Lamb and a decent prospect (Rodriguez? Gothreaux? Brooks Conrad? Luke Scott?) for Sweeney, and play Todd Self at 1B for Sweeney's inevitable injuries. Yeah, Sweeney's not worth 11 million, but as of right now we have a pretty gaping hole at 1B and the Royals should be pretty desperate. I think that Sweeney is only signed for one year, so if Bagwell is determined to come back, and I'm sure McLane will give him every opportunity to, he can come back next year to try and cement his Hall of Fame chances (he should be a lock anyway).
Joe Morgan and Jon Miller, the generally excellent ESPN Sunday Night Baseball announcers, mentioned the idea of trading Biggio to a contender that needs a 2B (Yankees?) at the deadline. I think it's an interesting idea, but it won't happen. McLane would never allow it - you don't trade players that you've built statues in honor of out front of the stadium. Clemens, maybe - Biggio, no.