We have the choice between a real possibility, #1 or #2, a hyypothetical possibility, #4, or unnatural English, #3 or #5.
If we have a real possibility, hypothetical 'would' in #1 is inappropriate.
We may talk about a future choice, but not normally a future preference, which knocks out #2.
That leaves us with #4. That's just about possible, though this would be more natural as : If I were given the choice, I'd choose/go for/selct/settle on ...
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