I think we should start small, so #1 if most of the people are local, but if you have a majority that is from out of town (and I do mean WAY out of town, then we should strongly consider #2.
I'm against #3, and I know, I've participated as a vendor in local shows. If it's a small meet we want to do, then the last thing that our mind should be entertained with is the money aspect of it. We should just have fun, relax and get to know each other.
This should be a brotherhood/community gathering foremost. So going to a restaurant, play bowling, go kart racing, mini-golf, would be simple ideas to suggest to help us mingle.