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#1 and #4 seem to pretty much be out, for the reasons you stated.
I would probably not go for #2, either, since that site seems to be dedicated to your own work. While authors do occasionally post a mini-review of books/movies/TV Shows, etc. that they have recently experienced, it seems that you are targeting a dedicated review site, so I would not suggest this, either. Your website should remain about you and your work.
So it's between option #3 and #5. The latter seems like an idea, but I don't know how it works. If you are right, and the site will stuff books down your throat, then it might get annoying. You would not really have any freedom to choose the books you read, and you will also be restricted by their terms. Depending on the website, this might result in them preventing you from being completely free and honest with your critique, due to certain conflicting interests or policies they might have.
The result, then, is that I agree with you. Option #3 (creating a new blog) is the one to go for. Sure, you wouldn't have any initial traffic, but hopefully it will pick up over time as people come to enjoy your views.
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