I choose #5. Play my own game and let the chips fall where they may. Doing stuff outside of my comfort zone or playing unusually conservative get me in trouble every time.
I voted go for it. If you're not in a position at the end then you can't win. Of course I go for it within my ability. I'm not going to try and carry something that is 300yds. So go for it but play within yourself
Historically, I have gone for it. Try for shots that are above my ability and live with the score. Makes for some really fun moments on occasion, but also leads to some big numbers. The last couple of years I have played more conservatively and tried to play to my strengths. It has been reflected in my scores as well, so that is probably the best option for me.
All of the above and none of the above... I play my game as much as possible; going for it when the situation fits my game. That can, and has changed, when the situation is either, "I have to make a move", or "Let's try and put them away".
I play my game. Trying to limit the above par numbers. Playing smart and limiting risk I believe is key to keeping a level score. Knowing when and where to step on it and take on risk/reward is key.
I understand what my strengths are for the day and I lean heavily on those. I try to put myself in situations that can allow me to use those strengths. If I am hitting my driver well, I might take some more aggressive lines. If my short game is feeling good, I might aim a little closer to the flag because I'm confident in getting it up and in from quite a few places. This applies to irons and pitching as well.
First, I demand an outrageous number of pops. Second, I demand a few more pops. Then, I run my mouth constantly, hoping to get my adversary to either laugh the whole time, thereby messing up his game, or to drive him into a seething rage, thereby messing up his game. At the turn, I demand more pops. If that doesn't work, I fake a slip/fall and go home.