Not sure whether this is technically practical, but it might be cool to have some kind of toggle that shows you paragraph next to paragraph in both languages, for instances when you might want to check one against the other. Then you'd toggle off, and go back to the story in the language of your choice. This might help substitute for the flipping that's possible with print books, but which is cumbersome with e-books.
Even with such a feature, I would want the book also available in your No. 3 option.
I own books published that way -- Chinese in one half; English in the other.
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