Your closing paragraph was very interesting to me. Unfortunately, it includes the logical fallacy that there are only "two guys" you could be. The guy who (using your words) trembles in fear at the thought of playing WVa, or the guy who bucks the national convention to play an all-P5 schedule, hindering his team's chances of reaching the playoffs.
As I mentioned in my previous post, there's room in between. A lot, in fact.
Why not step up our schedule strength incrementally, and see if we can get the wider community to follow? Go from 1 P5 OOC game a year, and 3 G5/FCS games ... to 2 P5 games and 2 G5/FCS games. That doubles the OOC excitement without going way overboard to self-destructiveness?
Then, if we parley that into success, if we are rewarded for our schedule strength and innovation, perhaps other programs will follow suit. Eventually, maybe everyone will be playing two compelling OOC games each regular season.
Once we get the world there, then we can talk about going on to 3&1....
Incremental steps, brother, that's the way in this case, I think.