2) Wiring pen
This is the method I use for MOST of my projects, therefore I’ll be biased if asked about how easy / convenient / cost effective it is. You can use any sort of IC sockets, and copper clad board with either prototype pads or standard strips. I tend to use the standard stripboard as the prototype variants with IC pads tend to be much more expensive, and may well waste available space if a mix of IC socket widths are to be used. The standard ‘Road Runner’ wiring pen I use is about UKP 10, with the wire costing about the same as wire-wrap wire. As the enamel insulation is ‘burned’ off the wire at the time of soldering, a hot iron (400C, Weller 8-9 bit) will be needed. Note that toxic fumes are released during this operation so adequate ventilation MUST be used!!
Wire from the pen is first wrapped a few times around the chosen IC socket pin, then routed to the next via plastic castellated strips or combs. After soldering the layout is far neater and compact than by wire wrapping, but far more difficult to correct if need be. If care is taken, it IS possible to use the technique on simpler analog and digital designs without the use of the combs.
Other makes of wiring pens exist, all of which are used in a similar manner.
In keeping with hints about actual component layout elsewhere on this site, it is highly unlikely that there will be any issues in this area, regardless of wiring method used, AS LONG as the clock frequencies are kept down. If it is necessary to use frequencies of 40 and 50MHz on the board from an oscillator, the ‘live’ clock runs should be kept as physically short as possible.