As a CVT user, EI-BUD, I can only hope that at the very least the 2nd of your possibilities comes to fruition. My only concern, is that with currently 3 or 4 daily flights from BHX to DUB with Ryanair and Aer Lingus, as well as 3 daily flights with Ryanair from East Midlands, will the Midlands- Dublin Market suffer from over capacity should Aer Arran consider a CVT link?
Coventry Airport chiefs did comment several months back about a possible link to the west of Ireland...maybe Galway could be a possibility? Although that would then be in competition with Flybe from BHX.
Can only wish...