The way I see it, if you're in a bad situation at work, you have two options: try to change it, or leave. If you're going to leave anyway, why not at least try to improve your situation first so you give yourself the best chance of success? And that way, the company has the opportunity to remove or remediate a bad manager.
Basically, my reaction to your #1 is that it helps you avoid getting hurt by the worst possible scenario. But personally, I think it's a better strategy to maximize your chance at a good scenario.