I vote for #3 as well. Polka dots are nice(not distracting) with the grey ricrac. You could stitch along both sides of the ricrac to stop it from curling when washed, maybe a small blanket stitch. What ever you choose it will be very pretty.

My vote would be the gray polka dot with the pink ric rack. No matter what you decide it is adorable!

Pink with polka dots. Very cute!

I love polka dots... with the pink

Elephants and fat gray rick rack.
Cute quilt!!

I like the polka dots - just more pleasing to my eye. Doesn't distract from the elephant appliques. And dots are 'happy'. =) Rickrack - pink, IMO, but the grey is ok.
Love your project/design =)
Blessings,
Donna Mc