It sounds from your post like option 1 is what you are likeliest to most enjoy and do best at; if that is the case, then you should take it. All else equal, option 2 is probably the textbook ‘ideal’ PPE combination, but, again, there’s no harm in taking geography instead of FM if you do genuinely enjoy it more and think you’re likelier to get a higher grade.
On FM specifically, as you mention, you’ll need it if you want to apply for the top single honours econ courses, but it’s certainly not essential for PPE - I think I’m only one of 2 who took it in my college PPE cohort of 10 - though I would say it’s probably given me a slight edge in the econ course (particularly the probably and stats section of it, as I did both of the two further stats modules at A level). But if you don’t feel confident that you’d be able to get as high a grade in FM as the other subjects you mentioned, there’s no need to take it.
Finally, you shouldn’t worry about politics being a soft subject, but neither is it as relevant to PPE as you might think - politics at A level bears little resemblance to how the subject is usually taught at the university level. Also bear in mind what artful_lounger said about economics A level not being required for any course (I didn’t take any of philosophy, politics or economics at A level).