I'm a F16 class co-founder and I say that option (1) is your best choice at this time.

Don't try to use H16 parts of whatever on the Blade F16, except small blocks and lines maybe. All the other stuff like mast, sails, mainsheet blocks etc needs to be suited to the F16 setup and none of the H16, P16 or whatever are. F16 is a total concept that pretty much needs all to work together well. That means a lightweight mast, relatively flat mainsail, high powered mainsheet blocks, highly stressed downhaul system. Otherwise sailing an F16 is about as much fun as riding a wild mustang.

If you still want a boat like the F16 eventually then I would find yourself a nice secondhander for a decent price and start building the F16 over 2 years or so while sailing this boat on the fair weather days. That will also take the pressure of the boatbuilding. Then after a year or 2 you'll be ready to switch boats and if you want or need the money you can sell your secondhander on to another newby.

Wouter