Be careful that Option 2 on the ticket is indeed early resolution meeting with prosecutor. In some jurisdictions, Option 2 is Walk In Guilty or Make Submissions to Penalty, which means you stand before a Justice of the Peace and plead guilty, and tell the Justice how much time you need to pay or how much you are able to pay. The Justice may not necessarily agree with you.
If you choose to request for an early resolution meeting with prosecutor, the prosecutor may offer you a lesser charge in exchange for a guilty plea, i.e. disobey sign which carries 2 demerit points. This will still result in a conviction on your record and it may still result in increases in your insurance rates. The only advantage would be less demerit points.
On the other hand, the prosecutor may not offer you a lesser charge at all considering that the ticket has already been reduced by the officer.
If you and the prosecutor are not able to reach a deal at the early resolution meeting, a trial will be requested.
Once a trial is requested, you can request for disclosure to see the case against you (i.e. officer's notes). After receiving disclosure if you think you have no chance at trial, you can try to talk to the prosecutor to plea guilty to the reduced charge before trial instead of risking the charge being amended up at trial.
At trial, the prosecutor can request to amend the charge back up to the original, if the evidence before the court supports it. The officer likely has made notes that s/he recorded your original rate of speed and decided to charge you with a reduced rate of speed.
It will be difficult to win at trial unless there is a serious flaw in the prosecution's case or you have a legitimate defence, especially since you run the risk of the charge being amended up and being found guilty.