X2 on option one. You can cut down the drag a great deal by running a 1" key ring through the zipper and then attach your favorite style clip. You can then fold up the bag and clip it off while swimming around. Or, you can just tuck the end of the bag down the hole and get the same results.
Another tip is to clip it high on your chest d-ring to keep the bag from dragging the reef.
Another tip is to clip it high on your chest d-ring to keep the bag from dragging the reef.