tier 4 student to EEA FP/RC

[mastersplinter]

Hi All,

Would like some advise on obtaining EEA Family Permit or UK Residence Card. I have a Tier 4 student visa, but am withdrawing from my course and would like to continue to live in the UK with my wife and work here as well.

Info: I'm a US passport holder. Spouse is Italian passport holder. She has full-time employment in UK at the university. We were married in UK and have lived here for 4 years together. Additional wrinkle 1: We were planning a two week holiday to visit family in Italy in August, thus need travel documents. Additional wrinkle 2: My wife needs to travel to China for work at the end of August for a few weeks.

My understanding:
Option a) Apply for UK residence card valid for 5 years in-country with rather long wait times to process. Prevents us from taking Italy trip and may impact wife's China work trip but gets in done in one go.
Option b) Apply for EEA Family Permit outside the UK (I would most likely do this in Italy, not sure wait time) valid for 6 months, then need to convert it to a UK Residence Card once I am in the UK.

Thoughts and/or opinions on the option you would recommend?