Regarding your code question, I'd bet if you called a local electrical contractor they would know protection methods for service panels.
Do not take this as electrical advice, just information.
NFPA 70A (NEC - National Electrical Code for 1 and 2 family dwellings) states the following:
312.2 Damp and Wet Locations. In damp or wet locations, surface-type enclosures within the scope of this article shall be placed or equipped so as to prevent moisture or water from entering and accumulating with the cabinet or cutout box, and shall be mounted so there is at least 6-mm (1/4-in.) airspace between the enclosure and the wall or other supporting surface. Enclosures installed in wet locations shall be waterproof. For enclosures in wet locations, race-ways or cables entering above the level of uninsulated live parts shall use fittings listed for wet locations.
Exceptions: Nonmetallic enclosures shall be permitted to be installed without the proper airspace on a concrete, masonry, tile, or similar surface.
404.3 Enclosure.
(A) General. Switches and circuit breakers shall be of the externally operated type mounted in an enclosure listed for the intended use....
404.4 Wet Locations. A switch or circuit breaker in a wet location or outside of a building shall be enclosed in a weatherproof enclosure or cabinet that shall comply with 312.2(A). Switches shall not be installed within wet locations in tub or shower spaces unless installed as part of a listed tub or shower assembly.
BTW, my choice would be Option #1 too. But wait, both are Options #1! I think turning the shower to face the sink wall gives the most freedom to move around in the room.