72 Duster Resurrection

Option 2 is replace only absolutely what it needs to make it work and stop if you intend to rip it all out in a year or less to install a disc brake setup and dont want to waste the money on the drums.

I'd go with option 1 and make it safe to drive for a number of years. This way you can concentrate on everything else it needs and not have to worry about the brakes. Your biggest single expense is going to be $49 for a 9" manual drum brake master cylinder, everything else is nickel & dime stuff.

If you plan on going big bolt pattern way later, why not paint up the existing steel rims the car has now, put some not too expensive wider than stock black wall radials on them, and add dog dish caps, and maybe some trim or beauty rings, or leave em open with chrome acorn lug nuts. These looks usually work pretty good if you paint the rims black. These are inexpensive wheel treatments to do and look good.

Please show some pix of the condition of the rest of the car