I'll agree with magexpert that 3 and 4 aren't very economical, and that a mixture of 1 and 2 would make the most sense. Just remember to withdraw fairly substantial amounts of cash out of ATMs, since many banks have minima and maxima when it comes to fees- e.g. my Greek bank charges 1% of the transaction with a minimum charge of €1.50 and a maximum of €2.97, consequently I have to pay a whopping €1.50 when withdrawing 10 GBP and just €2.97 when withdrawing 600.
As for 5: To be honest, I think travellers' cheques (or however they're spelt) are a waste of space. Why mess around with paperwork when you can do everything electronically?