The three locomotion options are pretty good but none of them totally fit my needs.
I like to play standing up and I like to turn in real life (avoiding the use of the right joystick when using controllers).
The 3rd option (1-axis movement), works quite well in this case but the ability to jump is disabled. I think you should still be able to use the jump hand gesture on the right hand in this mode.
The 2nd option (2-axis movement) is nice because jumping is enabled and fake turning is also available in case I sit down for a bit. However, when moving, I cannot change the direction I'm heading by turning my body in real life.
For the full explanation and demonstration, please see my video: