Option 1 is the only way to have something with a useful lifespan. I would add a new idea however that might save you a bit of $$ on the refresh. The existing surface is what we call "alligatored" and that is due both to the base failing and the asphalt losing its elasticity over time. I would...
Dreadnought here saying hello, been lurking for a while and thought it time make a formal introduction. Thanks to all of you for your wealth of knowledege and your willingness to share. I have wired my new barn, steered clear of crappy chineese tools and expanded my pea sized brain all right...