2 is basically infeasible with RISC-V being intended for a wide range of use-cases. 1 might be ok but introduces a bunch of opcode space waste.
Indeed extremely sad that Zicclsm wasn't a thing in the spec, from the very start (never mind that even now it only lives in the profiles spec); going through the git history, seems that the text around misaligned handling optionality goes all the way back to the very start of the riscv/riscv-isa-manual repo, before `Z*` extensions existed at all.
More broadly, it's rather sad that there aren't similar extensions for other forms of optional behavior (thing that was recently brought up is RVV vsetvli with e.g. `e64,mf2`, useful for massive-VLEN>DLEN hardware).
>1 might be ok but introduces a bunch of opcode space waste.
I wouldn't call it "waste". Moreover, it's fine for misaligned instructions to use a wider encoding or be less rich than their aligned counterparts. For example, they may not have the immediate offset or have a shorter one. One fun potential possibility is to encode the misaligned variant into aligned instructions using the immediate offset with all bits set to one, as a side effect it also would make the offset fully symmetric.
Of course that'd result in entirely-avoidable slowdown for the potentially-misaligned ops. Perhaps fine for a program that doesn't use them frequently, but quite bad for ones that need misaligned ops everywhere.
In terms of correctness, there's also the possibility of partially-misaligned ops (e.g. an 8B load with 4B alignment, loading two adjacent int32_t fields) so you're not handling everything with correct faults anyways.