Thank you very much for the detailed explanations and you are correct I will most likely go for the second option. The install is running on MySQL and I have such little content it does not make sense to try to migrate. I think I will attempt to update this site to 3.4 and then reimport the classes and start to look for a nice theme. As I could only use Boost with the cloud version which didn't give a lot of flexibility to look and such.
If I get stuck on trying to figure out how to upgrade I hope you won't mind but I might ask for some help. That is a task on my plate for this week.