I'd argue there's some stuff in 8 featuring Rand which is distinctly not worth reading. It's my main problem with 8, since in general I second that statement.
Anyway, I'd vote for option 3, even though I personally really like two of the books in the stretch you want to skip (Lord of Chaos and Winter's Heart). I definitely recommend reading book 11, as I feel that one really picks up and is a lot of fun.
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