I didn't like any of the options.
I don't think it is a great way to discipline a child, but there are times that it is called for and really depends on the child.
My personal feeling is it should never be done while you are angry.
My oldest I only ever spanked a couple of times, and never when angry.
My youngest I spanked a few more times and spanked while I was angry ONCE. That was a bad experience for both of us, I spanked him too hard that time.
After that I would always say,
"Do that again, and you are getting spanked." (this after several other attempts to get him to behave)
Then when he did it again - "OK you are getting spanked in 15 minutes. Go to your room and think about what you did and why you are getting a spank."
And I always delivered, but it gave me time to make sure I was cooled down, and honestly I think the 15 minutes of thinking about being spanked was more effective than the spank.
I do think that spanking should be a last resort, and also only if it was a pretty major offense that could get someone hurt. (i.e. playing with the stove, playing in the street, hitting brother with pool cue...

)
Both teenagers now so no more spanks - yay!