Ahhhhh! #2 is always unacceptable to me (unless I'm misunderstanding you).
Personally, I think that the front hand should be as straight as possible. The second hand can turn out slightly.
Some people make it work turning the front hand slightly out (note that this would mean the hands are pointed in opposite directions). Personally I try not to encourage this because I feel sometimes it starts to slide beyond "slightly" and it often impedes "blocking" the hands off the beam if that makes sense (i.e. they're on the heels of their hands and they can't push as straight off through their fingertips and wrists). This might not cause many problems for a single BHS, or BWO BHS, but when you start getting into real series deficits in technique like this can start to cause issues.
Both hands facing the same way (which means you probably also the dominant hand in front, another thing I discourage) is not a technique worth practicing, in my opinion.