Option 3 is the usual method, & it works quite fast on almost any machine that's even capable of decoding high bitrate video fast enough to keep up with its framerate, in the first place. On a HDD, that previous frame may briefly require seeking to get back to, but no such delay occurs with flash storage.
Of course, it doesn't need to be done fast; we're talking about long looks at single frames!
For best results, frame-capture apps use cross-frame interpolation with motion estimation (& these days, AI).
I don't remember the last device I saw, that would struggle with this in any way. It's basically just been dismissed as unimportant, by the VLC devs, rather than actually being all-that-difficult to implement.
I'm shocked that VLC doesn't offer reverse playback by now, given the absolutely enormous video resources & random access storage, we're all blessed with now.