I choose option 2 because I have less comfort investing with LC, knowing it is less tax optimal.
IRA space is valuable to me. Sacrificing 90% of two years' contribution space in order to avoid custodial fees is a tough pill to swallow. Nor do I want to hold $10,000 in LC notes as this point in time. I also do not know if/when LC pulls the rug out of the promotion to pay custodial fees.
Eventually (1) I will have enough invested in LC notes whereby the consequential risk of having to pay the custodial fees is less than the taxes paid in a regular account and (2) I will want $10,000 in LC notes, but not at this point in time.