Many of us would not want an option tied to a lease because it puts all the power in the hands of the lessee. Competition may be entirely different in three years. Five years is a long time to tie up your acreage. I never go for an option as it gives me no power to hunt for a better deal in three years.
On the royalty bonus, the bonus is tied to the royalty. If you get a 1/8th royalty at $400 bonus, then the operator is thrilled because they get to keep the other 7/8ths, so they will pay you more. If the royalty is 1/4th, then the bonus will usually be half, so $200. The reason that savvy mineral owners want a higher royalty is that the bonus is only a one time payment. If the well is productive, the higher royalty will usually be significantly higher for many years on that well and maybe more wells.
A simple example. You have 10 acres at 1/8th with 640 acre spacing on a one section horizontal well versus 10 ares at 1/4 royalty at 640 acre spacing on a one section horizontal well.
The equation for 1/8th royalty is: 10/640 x 1/8 x 1.00 (100% of perforations in the one section.) A 1/8th royalty has a decimal of 0.001953125. For every one Million dollars the operator makes, you would earn $1953.125. Plus the one time payment of $400.
The equation for 1/4th royalty is: 10/640 x 1/4 x 1.00 (100% of perforations in the one section.) A 1/4th royalty has a decimal of 0.00390625. For every one Million dollars, you would earn $3906.25-so double. Plus the one time payment $200. SO a significant difference in the royalties that really add up over the years.