Be carefull with #2... I have a Dodge truck that's been paid off for a while and I'm still carrying full coverage on it. Why? Basically, I couldnt afford to go out and buy a new or similar truck right and now and I need the truck. Dropping the comprehensive coverage only makes sense if you have a means to replace the vehicle (or do without it) in the event of it being totalled.
Also, something else you forgot to mention... consider raising your deductible. This makes a lot of sense for me with the truck. I've got a $500 deductible, so I pay anything cheap out of pocket, but I still have good coverage in the event of something more severe. And... a higher deductible will lower your rates.