I would go with option 2. Yes, you can run TestComplete on the License Manager server. Your only problem is going to be actually activating your license, because you'll have to run a utility on the License Manager server to get a file, and then copy that file to another machine with internet access to upload it to SmartBear, which will generate another file to copy back onto the License Manager server. You can do option 3, but option 2 gives you more freedom and less hassle with swapping machines out for the TestComplete licenses, especially with the lack of internet access.
