I'd say take option 1. There has been too many times where I decided to put a project on hold to finish another project that excited me and then was unable to bring myself to go back and work on the old one. You might not have the problem, but from my experience, not finishing your other projects first is a bad idea, plus it lets your AKM (whatever that means) percolate and refine itself in the background so when you finally get to it you start it in a much more refined state.
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