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I think your option #1 is the best. Even though I work from home, I still separate work from personal projects using lots of folders. I just find it easier to double-click folders in the side bar to open a focused window. Since I attach many notes and files to my projects, I need to be in project view to see them anyways. Some like perspectives, I guess I'm just a folder kind of guy.

Even though the iPhone doesn't technically 'focus', having a top-level Work and Home folder with their respective projects contained therein would allow you to view only one or the other on the phone at any one time, effectively focusing and avoiding duplicative contexts. The downside is a lot of tapping around to navigate back and forth through nested folders, like checking mail in different accounts on the phone is now. But it will accomplish what you're looking for.