I just past the last year asking me the same question and shopping for both!
I ended up chosing the third option!
We bought a new fireplace ( the new epa fireplace).
It work like a furnace (blow heated air with a turbine fan) + the radiant heat+the convection heat.
I plugged a thermo switch(no fan until the case is properly heated) to the case and wired it to a thermostat on the first floor. The blower only start when we achive the desire heat level at first floor and send the extra heat in the basement. Blower stop when their is no more heat to send or the first floor get cold (pretty rare!)
I could not be happier! I got both of my desire solve. Efficient heat gestion + more rustic and plesant installation. For me it's even better than a furnace. Except that you have to deal with firewood on the first floor.
Coupling all this to progammables thermostats is luxury. Another fan start at 5 in the morning and bring heat to the bathroom so I walk on hot ceramic to the shower!
Also, consider resale value of the house. A fireplace is a nice +, furnace = bof...
Hope this help
(Forgot to mention something! It WILL be more expensive than a stove... Heating duct, fan, installation, thermostat, thermo-switch, electric wire, etc.)