I'm not too thrilled with the prequel route, though that's actually based more on the shitty origins they've fleshed out in the comics. I don't want to see the skull-crushingly dull origin where they go back to teenage Wolverine, just go back far enough to be pre-adamantium. I could get into it if they did something like putting him in the Civil War or something. Hopefully like that first two X-films they can accentuate the best aspects of the coics and jettison the shittiness.
Since I think we're honestly looking at B-lister to helm this, I'd add Kevin Reynolds and James McTigue to the list of potentials. McTigue might actually be the steal, as he's seemingly got the time, and depending on who's talking, he did a great job on "V For Vendetta".