No. And I must point out that number 2 is a post hoc ergo propter hoc fallacy. You assume that because He is pleased by only those who were believers (which is an incorrect representation of what we said...more on that in a second) then it must be the fact that they were believers which led Him to choose them.
And again, I did not say they pleased Him. I said choosing as He did pleased Him ("IT pleased Him to choose as He did").
see #354
While it is true that you say that it pleased Him, I have suggested a logical order based on the distinction between knowledge and decision.
This is no different than suggesting logical orders for either infra or supra lapsarianism.
It is simply illogical that God made decisions without knowledge, GIVEN that God is omniscient. IT is not possible that He did not know those who would believe.
Knowing that they believed, it was not possible that He would not accept them according to his decision and promises.
Knowledge will always precede decision. Otherwise there is a period of no knowledge, and therefore, we are contemplating less than an omniscient God.