PG, on your question, I choose E, none of the above.
I like to see the man at 3d keep his distance such that he can dive back to 3d if P attempts to throw behind him. If he actually draws a throw, everyone is safe. But what you mainly hope for here is that P hesitates in making the play so that your guy at 3d does not make an out, but still buys time to allow at least one of the other runners to avoid an out. If our man at 3d can score, great, but really what you're going for here is to blow up the play, prevent the DP and keep the inning alive.
If P checks the man at 3d before going to 2nd, depending on the speed of the runner coming in from 1st, it may be too late to get him by the time P goes there. Between that and the additional time you buy for the batter runner, there is a decent chance of no outs at all being recorded. Maybe one out at 2nd, but too late on the relay to 1st. Maybe P ends up having to go to 1st and get only one out.
Depending on how the play develops and on the speed of your guy at 3d, there could be a chance to score, too. If he gets a good jump on a throw to 2nd, good chance to score as long as they don't turn an inning-ending DP (if there was already 1 out).
Batter had better bust it down the line in this situation. No stopping to sulk, throw his bat in disgust, or any of that nonsense.