I have worn this HR monitor at the gym several times before using it on a bike. Its a Polar F11(I am waiting for my bike comp) and Polar claims that it does not get affected my other signals. I have hit over 200 a few other times on my Bike, but nothing higher then 206. I am 24 years old, and fairly fit.
I am probably going to go with #2 as well. I hope.. I did feel a little faint at nearing the top of my climb.