Absolutely option 1 Steve.
You cannot possibly expect people on the internet to be disciplined with bug reporting. While a large part will be, just as many will not and that can be disastrous for your time AND motivation.
Make two threads, appoint some volunteers, and never look into the potential bug reports thread ever again. Let the volunteers post verified bug reports into the confirmed bugs thread.
I say this as a person who has beta tested a lot for an open souce project. We used to do something like this in that project, and the developers' sanity was saved.
This way you can see and work only on confirmed and/or reproductible bugs, and adding new features. And of course, play the game for yourself! You said time and time again how much that's important to you. We don't want you to burn out you know

If someone reports a "bug" but cannot provide information, or guarantee that he's on the latest version etc, it's better if you don't see it. If it's a real bug someone else will report it in more detail sooner or later. If not, a volunteer can deal with the likely mistaken report.
EDIT: I would also forbid users to make new threads in the bug reporting sub-forum. Else some people will just make new threads for their bugs, which once again you don't need. Let those two threads created by you be the only ones used.