Yeah, 2nd option sounds best at least for now. Well, I'll look when I get up.

In theory the service is just for UK residents, as far as metaboli.co.uk is concerned - which is the one i have a subscription for, so if you're not from the UK and you do have connection issues, like painfully slow downloads or something of that nature, i don't know how much help you'll be able to get from support. In any case, to the best of my knowedge they don't prevent anyone from trying out the service based on location.
Are you sure ?
As i understand it even with the old player there were some games that worked with mods, namely those that keep the mod files outside the game folder.
As for the current situation, i'm under the impression that the Yummy player allows to install mods, at least for most games.

There ARE regional restrictions they are done at the IP level i believe for example germany actually has more games than the UK (publisher restrictions)

What you mean is that the catalogue varies according to which site you subscribe to, right ? .co.uk, .fr, .de, they all have different catalogues, but all users from say, .co.uk, have acess to the entire .co.uk catalogue, regardless of where they are.
Is that it ?

Well no but the exe seems to be untouchable. You might get some texture mods in DX2 but good luck with any mods that messes with the exe.

I really don't know for sure as i never tried to use mods with any of Meta's games. However, i seem to recall some topics on the forums where people were modding the hell out of some games (Torchlight was one of them i think ). I'm also under the impression that being able to use mods was one of the reasons they put forward to drop the old player and go with Yummy.
You may be right about mods that mess with the .exe though, even if the .exe under Yummy is a regular file inside the game folder instead of an unacessible file inside an encrypted virtual drive like it was with the old player.