I chose the 2nd option, though I feel 1 & 2 would be better. Catwoman gets scratches and has five to use in combos or as a poke when she wants to use them.
Joker has to land a parry to make his trait work, whereas CW just has to do combos, etc to get her trait meter filled. Thus, by increasing active frames and decreasing recovery, it would make the trait useable. We should be able to choose when we use the speed boost. It would fit in with The Joker's wild, crazy play-style, making him more unpredictable. Bane can use Venom whenever he wants, DD can use his armor whenever, Sinestro, Lantern, Cyborg...
Every other member of the cast can CHOOSE when to use their trait. Why can't Joker? KF has a timer on hers, but she can "choose" by filling the meter to near-full and then fill it. HQ's may be random but she can still choose. Yes, Joker can choose when to parry, but I'm talking about the buffs his parry produces.
Truly, I feel 1 & 2 together would be the best, most-feasible option for The Joker's trait.