As noted previously, any of these alternatives could prove best when we get to use hindsight. There are however some things in the quotes below worth mentioning, in case one might read them the wrong way.
...target date funds...typically only convert stock holdings to bond holdings.
This statement is incorrect. Having the TD fund re-balance for you is actually its primary advantage. See https://personal.vanguard.com/us/insights/article/tdf-rebalancing-012016. It is true that over long time periods the TD fund will change its target allocation, but unless you want to keep 100% stocks when you are 65 years old so will you.
#4 Stick with just VTSAX, a small amount in bonds if you are so inclined, and I see nothing wrong with 10% REIT, particularly in a tax-free account. I wouldn't bother with the Target Date fund.
The main difference between this suggestion and VTTSX (see composition below) is the absence or presence of international stocks. You pays your money and you takes your chances.
Fund Percentage
Vanguard Total Stock Market Index Fund Investor Shares 53.9%
Vanguard Total International Stock Index Fund Investor Shares 36.0%
Vanguard Total Bond Market II Index Fund Investor Shares† 7.0%
Vanguard Total International Bond Index Fund Investor Shares 3.1%
A better alternative to me is to invest for income. Pick a stock fund or ETF (VTI, VIG, VYM or the mutual fund equivalent) and reinvest the distributions. As the share count compounds, within a few years, the yield on cost will exceed a 4% withdrawal rate. Whenever you decide to retire (38 years from now or sooner), turn off the reinvestment and live comfortably on the income for the rest of your life.
Having a 4% dividend yield need is not sufficient to guarantee lifelong success. Beyond the absolute dollar amount needed, the 4% Safe Withdrawal Rate is based on the historical performance of investments that had a return much higher than 4%. See http://www.retailinvestor.org/pdf/Bengen1.pdf and http://www.aaii.com/journal/article/retirement-savings-choosing-a-withdrawal-rate-that-is-sustainable.
Another difference between "just VTSAX, a small amount in bonds if you are so inclined" and VTTSX, is that the expense ratio of VTSAX is .05%, and the expense ratio of VBMFX(US Bond fund) is .16%, 90% VTSAX and 10% VBMFX would yield an expense ratio of .06%, whereas the expense ratio of VTTSX is .16%. As an example, if you invested $10,000 for 1 year, and it returned 7%, you would profit $694 and pay $6 in expenses if you had a .06% expense ratio, and profit $684 and pay $16 in expenses if you had a .16% ratio, only a $10 difference but you can then reinvest that $10 and the difference exponentially grows. Over 50 years of keeping that same $10,000 invested and it returning 7%/year with a .06% expense ratio, you'd profit $275,900 and spend $8,700 in expenses, with a .16% expense ratio you'd profit $262,000 and pay $22,700 the profit difference would be $13,900(a pretty big number, although inflation adjusted to todays dollars that would be about $4,000, still a big number).
Note, I'm not taking into consideration the fact that if you have those two funds, you should rebalance. However this can be negated by just going 100% VTSAX :D