Greg, don't do #1!
...#2 - 'leaving' the branches, and grafting the 'top' would put your desired variety pretty high, likely out of easy reach, and would also be vulnerable to total loss if that 'new top' ever broke out. I'd go with # 3
If the 'top' - above the branches - is one inch in diameter, are the 'branches below it' less? If they are the diameter of your scion wood, they'd be perfect candidates for 'whip & tongue' grafts. And remember - they don't have to match perfectly, just on one side!
I'd graft every one of those 'branches,' with a carefully selected variety of scions - cherry pollination is very
particular... I'd cut the tip
top out of the central leader (the stock above those branches still going up), and monitor the growth of the scions, not letting them get shaded too much by any top growth. As they (hopefully) grow, eventually remove that 'top' just above them, letting them develop into the main and desired limbs.
I'm told 'Budding' always works best...
But it's most often used on one to two year old wood, and of course, done sometime in August. Which - if your dormant work doesn't take, you could always play around with it then. Cherries, all 'Stone Fruits' for that matter are poorer candidates for dormant grafting. I've had dismal results with Cherries; one thing that had been suggested to me was to graft them early ... as they seem to 'over-sap' the graft as they bloom very early. And, being my Cherries are now "Figs," I lost the battle of top-working. But mine were substantially older than your rootstock - so go for it! ... The sooner the better!