Forgive me for going ham on a captains armband, but:
Options #2 and #3 are both awesome options from a design standpoint, however, I've noticed captain's armbands should be something that stands out from the jersey. Since our jerseys are going to be sky blue and navy/light blue earthquake ripples, #2 and #3 aren't going to stand out. In my mind, they're going to end up looking like Villa has some weird under shirt coming from one of his sleeves. Also, they tend to get twisted and roll during a game, so the fancy designs are for naught on the pitch. That's why I think #1 is the best option. The orange makes it pop/ stand out, and the resemblance to the NY flag is a nice touch.
Obviously, I put way too much thought into this. 'Tis a slower morning at work....