I can't rally speak for other competitors but having been brought in a small Club with various Classes I have come to accept Handicap Racing including the inherent pitfalls.
From a personal point of view I find the SCHRS rating system to be the most inaccurate. A single handed F16 is rarely faster than either a F18, A Class or 2up F16 and yet their given rating doesn't really reflect this. Hence, when I became the Clubs Sailing Captain we changed to the TEXEL Rating system which to my mind is as good as you can expect.
However, whilst racing at Open Meetings in the UK you just have to accept that they are probably going to be using SCHRS and for some reason people here tend to think they are obliged to do so but don't ask me why.
If you haven't got the numbers to make up a separate fleet at these Open Meetings you end up racing in the handicap fleet but at the end of the day you probably knew this before you committed and traveled and so when you arrive and compete I tend not to worry about the various Classes and race solely against the other F16's, especially on the first day and depending on ones results compared to the other Classes the same happens during the following races.
So in essence I would imagine the answer to your question would be a mixture of all your suggestions, Fair, Irrelevant and go play by yourself. It's just up to the given individual how much emphasis or importance is given to each one.