I have noticed that with video sites you do a lot better when you host the video yourself. So the hosted tube option might not be ideal. Not to say it wont work using a hosted solution.
For seo it's always best to opt for the anchor to be your keyword rather than a click here. Certainly a site listed in the top 10 for the keyword is going to pass link juice. so I would vote for number option 1 but say click here for KEYWORD tube videos. and have the link be the keyword not the entire phrase.
I have never tested iframes so I cant give you feed back. My first inclination is that it's not ideal for seo. but I can't tell you honestly because I have never personally tested.
another note: if you change the site you will see a temporary penalty that should go away quick especially if you have added quality content to the site and add some good quality inbounds such as an inbound from the dotcom
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