-Based on the SEKI website it seems I could avoid a bearcan and use the PCT hang method. Any reason to opt for can over hang?
Bear Cans are required along the Bubbs Creek Trail, Vidette Meadow, and up to Forester Pass. So if you take your option #3 you'd need a can in order to be legally and ethically in compliance. Bubbs Creek and Vidette are extremely popular with the not-so-skilled backpackers (part of the "Rae Lakes Loop" hike), and therefore bears are a perennial problem.
For your option #1, you pass through a short area where cans are required, from the Bubbs Creek Trail to Avalanche Pass. If it were me, I'd consider risking that short section without a can, assuming you pass through it on the first day and don't camp in the bear-can zone.
Cans are not required on the second loop you described, which you could do from either Wolverton or Moro Rock. And that's a very nice loop. I might mix that loop a little by starting/ending at Wolverton and Moro Rock, and hitching back to your car. Hitching there will likely be easy.
For what it's worth, we do carry a bear can when we're hiking in areas where they are required.
JIm already commented on several peaks near your route. There are a couple more I'll mention, even though they aren't 14K which you said was a target. You pass very near Eagle Scout Peak, which is near the HST near Kaweah Gap. Seems a shame not to climb it when you're in the area. Also, Kern Point is a stellar peak with a terrific view and doesn't see many visitors.
Have a great trip, Amy