The electorate rallies around the Conservative Party [..] but at least *some* chance at getting a non-catastrophic outcome from the upcoming Brexit negotiations.
Really? I wouldn't even credit them with that. May has said repeatedly that "no deal is better than a bad deal" and made quite clear she's prepared to walk with nothing more than WTO terms. This is presented as a negotiating tactic, but in truth it's obvious arrogance from someone who- along with her hard-Brexiteering colleagues and other Little Englanders- thinks that Britain still has the power, influence and position it had in the days of Empire; something that was already mostly in the past when it joined the EU in the early 1970s.
Someone who thinks that they *will* be able to demand what they want, and even if they don't will get away with it anyway thanks to their "special relationship" with the United States and supposed connections with the Commonwealth, i.e. the former empire. As this article says:-
A senior Indian official has been reported as saying, "We cannot separate free movement of people from the free flow of goods and services." Sound familiar? It's much the same as every European bureaucrat pointing out that Britain can't cherrypick its terms for accessing the single market. [..] The post-imperial delusion of "old friendships" is going to shatter in the coming months, revealing a relationship of coercion that no longer holds.
And the salient part:-
Britain is a bully going to a school reunion, only to find his victims now have better jobs and better lives than him.
Regarding your second option:-
Enough of the electorate decides to vote for other parties that we end up with a hung parliament and [etc] Never mind being careful what you wish for; the lesson here is that you need to be *really* careful what you vote for, because however this pans out it's going to be on the UK electorate just as much as it is on the politicians they voted for.
...you might begin to understand why (as a Scot in favour of independence) I'm not even considering entertaining the possibility of playing along with the UK electoral and political system that- from my point of view- is fundamentally broken, does not- and cannot- reflect the difference in political opinion between Scotland and England (and Wales) that has been growing since the Thatcher years but is now at breaking point.
We currently have 56 of 59(!) seats held by the SNP, yet are ultimately governed by the Conservative party that has just 1 seat in Scotland, but won due to voters in England and Wales.
We voted 62 to 38% to remain within the EU, yet are being dragged out because voters in England and Wales wanted to leave, as part of a campaign that started as a sop to the Tory party's Euro-sceptic right wing- primarily in South-East England- and consistently revolved around them, using the future of the UK as nothing more than a political football for their internal squabbles.
To add insult to injury, Scotland's position within the EU post-independence had been a central plank of the scaremongering "Better Together" campaign during the independence referendum. I'm surprised that the likes of Alistair Darling still have the cheek to show their faces when we saw how that turned out.
So- England and Wales heading in a hard right UKIP-like direction (UKIP themselves are only in decline because the Tories have mostly taken up that position for themselves and become- as you say "UKIP lite") while Scotland is completely different.
Do I want to remain tied to an elephant that clearly doesn't want to go the same way I do? No.