Thanks for the advice guys it really is much appreciated. I'm new to the forum having been away from the modelling scene for several years due to family and work commitments. I'm currently asking a lot of questions on several sections of the forum to try and help me decide which of the many long-contemplated projects to pick up first.
In this case, there are several reasons why I'm avoiding option D.
Firstly, I do like playing around with new ways of doing things although I'm quite happy to take advice which will avoid costly mistakes.
Secondly, I have an idea for a future project which will involve a more intricate modification than this and would benefit from a bit of prior experience.
Thirdly, although I have built up hulls in various ways before, I do not find it a particularly enjoyable part of the modelling experience. I find most satisfaction in the technological stuff - radio, running gear, accessories etc.
Fourthly: I already have the hull !
With regards to stability, this could definitely be an issue if not well thought out. The King Orry was my first non-kit build, and I made several mistakes which hopefully I have learned from. I made all the decks out of relatively heavy ply and had various installations (smoke generator and fan, loudspeaker etc.) mounted far too high in the superstructure. Although tank testing proved that she will recover from all but the most ridiculous situation, the heel angle in a strong wind looks pretty alarming, although the high viewpoint exaggerates this a bit. Unfortunately the Manx Maid/Ben-my-Chree WERE far more slab sided although the larger enclosed volume does allow for a lighter construction.
I think I'll probably go with option C and try and lighten the original hull sides as much as possible between the new frames without sacrificing too much in the way of strength. It will probably be a while before I start as the "Orry" is in need of a pretty substantial refurbishment as a result of a 3 foot TID tug being dropped on her!