With a 5 ball arsenal, which is what I have right now, here is what I suggest:

2 different balls with a long pin location (5"+), different surfaces (one high grit polished, one medium-high grit sanded only).

2 different balls with medium pin distance (4- 4/12"), different surfaces (one medium grit polished, one low-medium grit sand only).

1 ball with a pin under drilling, short pin distance (3-3 1/2"), dull surface (500 abaralon or so).

I like this arsenal for tournaments, as it gives me flexibilty on pretty much every condition I see out there.
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MainePBA
"Power tends to corrupt; absolute power corrupts absolutely." Lord Acton

who else?

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Ebonite - "Bowl to Win!"

my vote would be #2

In the past I have tried both #1 and #2.  I am now going back to #2.  I have found some layouts don't work for me.  At this point I am going to go to a maximum of two layouts.

The closest to what I have is #1...

...but I have a few general drillings that I like and typically don't go too far outside of them expcect for those special pieces in the arsenal.  I also am not sure about the whole OOB concept...while I tend to leave a good number of my bowlings balls in their OOB finish, I never leave for a tournament without my abralon pads.
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-Chris: DJ's Pro Shop : Auburn, MA

Personally, I'd go with your option 1, but I would not necessarily stick with the OOB finish. My philosophy is to chose balls by coverstock strength and core specs, and their mainly intended purpose. It makes IMHO no sense to use a ball against its design, so the Single-ball-arsenal is IMHO, while possible, not effective.

Since about 70% of ball reaction comes from the coverstock and its prep, I mainly stick with some basic layouts that I know work for me (and which help to assess the ball's reaction if the same -  I found that pins at about 4.25" from PAP with stacked CG/MB work very well for me) and work on the cover to seperate the ball's main utilities from each other and to tune an arsenal that is complementary concerning lane conditions (first priority) and reaction (secondary). But there's no rule of thumb, since only through playing and testing you will get a good feel for a ball and how to tweak it.

This luxury works since I have a lot of balls at my disposal which I can put in the bag and create an arsenal that can offer me more options if I know what I am to encounter. But my "standard" bag (for tournaments and total foreign lanes) mainly covers a wide range from dry to oily with five balls (plus spare) as main choices, even though I will at maximum haul 4+spare around (one ball at the end of the spectrum normally stays at home, most times the oiler since really soupy lanes are rare and I can play slow enough to make my second strongest piece still work well with a straighter line).

In a nutshell, I'd build an arsenal basically with balls that are designed for their specific purpose, and drill them accordingly, in order to exploit the ball's potential the most. For fine-tuning, never hesitate to tweak the coverstock - one can even omit whole balls if the arsenal is tuned well this way, avoiding too much overlap
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DizzyFugu - Reporting from Germany

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