Note the sneaky bit about a mileage limit. Daft as it's completely unenforceable as it's not nor never has been a requirement to have a working odometer. So duly pointed out as well.
I've filled in the survey as well (felt a bit of a fraud doing that from the wrong side of the Atlantic, but it didn't ask me where I was...). I also noted the mileage-limit bit. My comment was words to the effect that it would be desperately unfair to owners of historic vehicles to exempt them from roadworthiness testing on the one hand, but then prevent them from driving their vehicles as often or as far as they wish.
I think either option 1 or option 2 make the most sense. There's a significant difference in purpose between the VED (for which the rolling 40-year exemption makes some sort of sense) and the MOT, for which I've never quite understood the rational for any exemption - except where items are not required to be tested (such as windscreen wipers for a folding or opening windscreen).