Assuming option 2 is with a cnc oriented machine shop, I would take that. You'll get paid to learn opposed to paying to learn. You may need to enroll in a few things following your apprenticeship such as the master cam but the hands on experience you will get working is (IMHO) much more valuable than a "canned" college course when it comes to trades skills. Don't get me wrong, the college course is probably pretty good but in order to get hired with your degree you will need 3 to 5 years of experience.
You said you'll work 50 hours per week so I would see if the indenture for your apprenticeship will allow you to use all working hours (not just 40/week) toward your Journeyman. I was able to and recieved my Journeyman (including classroom hours) in a little over 3 years. Finishing "early" will leave you time to pick up additional schooling.
As far as your wage in 4 years that does sound a little low but probably does depend on skill level, incentives, etc. With the apprenticeship you will be at a lower wage starting out and should be on a scale where you "earn as you learn". I started at $7.50 an hour and my pay increased 7.5 percent every 6 months until I was at Journeyman scale.
Finally, it sounds like you have a very good start at your career. Don't let anyone discourage you. Sometimes the road ahead is a little crooked or you might take a wrong turn. Just don't stop - turn back and keep going!
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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