<snip> or B) a single press will send press down till it breaks the limit switch then go back up. <snip>
You may want to reconsider this one in terms of safety. In working with CNC press brakes, I can tell you that they only close when your foot is on the switch. You have to hold the switch until the cycle completes the down stroke and any dwell (delay), but it will continue to rise if you let off while it's on the up stroke.
They also have the safety feature where moderate pressure is used on the pedal to activate the cycle but hard pressure on the pedal will move it even more and trip the e-stop, with possibly a retract - can't recall for sure on that one. Presumably if you get a body part stuck in the machine you're either going to let go of the foot switch or STOMP down on it. Don't know about you, but either way my preference would be for the machine to stop.
I didn't have a good look at your circuit but you'll want to ensure that a disconnection or failure in your limit switches is fail safe too. You don't want someone (including you) inadvertently yanking a wire out and causing the machine to start squashing whatever happens to be in the path of destruction.