To answer your first question, my opinion would be to choose option two -- make them be separate modules, but keep them within one project.
I'm not as much an expert about tools to properly build the distribution, but I've always been a fan of Module::Starter. Create a module skeleton, add your modules in, and you've got version 1.0! Hopefully more experienced module developers will chime in with their comments.
Alex / talexb / Toronto
Thanks PJ. We owe you so much. Groklaw -- RIP -- 2003 to 2013.