This is a creative idea. Before I say I'm in though (it's hard enough just writing what I do and I've got a pile of work shit this month) I have a question ...
Do we all collectively decide what the story's going to be about before you write the first chapter? I personally think that if this is going to happen, it definitely shouldn't be a normal story ... we should really get "out there" with it and create a wild piece of fiction, ya know?
I guess if I did it I'd be into Option 2 as it seems easier. But again, if I say yes, it'd be good to tell me what chapter I'm doing because I have a habit of not checking the box I hooked up to this account as well as not paying attention sometimes. LOL