What's the best approach for bows?

I have a bow and arrow modelled and I’m about to start animating for first person. There are several approaches I can see here, but I can’t figure out which is the best one. Here are the things that I’ve come up with so far. For the record, I need to have third person animations as well, so both FP and TP must be fairly synced up.

  1. Animate the hands, bow and arrow. Animate third person versions of this, so I have 2 animation sets, one for the player, one for the observer.

  2. Animate third person only, slap the camera on the player characters face, fiddle with the hand and bow animations to make them work in FP and TP at the same time.

  3. Doing either 1 or 2, spawn an arrow at the end of the shot animation, physics takes care of the arrow after that.

  4. Doing either 1 or 2, apply force to the arrow as it’s getting launched. Arrow is not part of the animation and is controlled in the engine via socket.

So basically if you had to make a character shoot a bow both in TP and FP, what would you do?