I find it better to put something out that you're proud of than to just have something out. If you don't enjoy your own creation, others won't really care much. Maybe, you could shelve the story and do short stories or prompt responses until something clicks or you feel has a concept that would work for a larger story. You may need a bit of a break emotionally speaking as well after the story you spoke about. I'm not much of a writer, but I don't think the end of FTCOTW should be a hard deadline for you. Option 2 would be my vote as it may help you be happy with your writings.