I'll take door number 2. I think that will work pretty well.
Updating
Wereporpoise Working Draft.
Anything else for these before we move to skills? Feats look fine already.
The feats are not
quite fine. I should remove the Bonus flag from Weapon Finesse.
As for skills, let's see what the original skill ranks were:
Porpoises have 3 ranks in Listen and 2 ranks in Spot, for 5 SPs in total.
The SRD's stock Elf warrior has 1 rank each in Hide, Listen, Search & Spot - all of which are cross-class for fighters, for 8 SPs in total.
Unfortunately, Aquatic Elves are dim so have a -2 Int modifier, so only get 6 SPs of warrior skills and 2 SPs of porpoise skills.
I suggest putting 2 warrior SPs in Hide, Listen and Search for 1 rank in each skill plus 1 porpoise SP each in Listen and Spot. That way the result has 1 rank more in Listen than Spot, like the SRD porpoise.
That works out:
Skills [Elf Form]: Hide +0**, Listen +4, Search +2, Spot +3, Swim +5**
**includes –2 armor check penalty
Skills [Porpoise/Hybrid Form]: Hide +5, Listen +6* (+4
without blindsight), Search +2, Spot +5* (+3
without blindsight), Swim +9
Alternatively, I'd be OK giving it 2 ranks in Handle Animal instead of a rank in Hide so it actually has a skill its semi-competent in:
Skills [Elf Form]: Handle Animal +1 (+5
with porpoises), Listen +4, Search +2, Spot +3, Swim +5**
**includes –2 armor check penalty
Skills [Porpoise/Hybrid Form]: Handle Animal +1 (+5
with porpoises), Listen +6* (+4
without blindsight), Search +2, Spot +5* (+3
without blindsight), Swim +9
Incidentally, the SRD elf warriors' Hide skills are a point higher than they ought to be. I suspect WotC left off a point of Armor Check Penalty.
If that bothers you we could make it masterwork studded leather.