AFAIK there is no such thing as "compatible-
nocompatible" paper wallets. All what it is is a piece of paper which holds your writen/ printed PRIVATE KEYS of the adress in which you have put your bitcoins. So option #1 is just fine in this particular case. Paper wallet is not really a wallet. it does not process nor sign a transactions. And it does not generate a new adresess for change. These are just PAPER. Holding your important, crucial keys. Sleep well.
RE: Bitcoin Paper Wallet gonna effect with comming august bip-140