My vote would have to go for option number 1. Get something up now, and get working now. Even if it is a sub-par looking site, it is better than nothing. Who knows what could happen between now and the time it will take to save up the money to pay someone to do it. Also, partnerships are great when you are both into the project equally. I found that on a past venture my partner, who had a lot of money (as well as a lot more than me into our project) felt that he deserved more because he put more money into the project. Things ended up not working out because he kept wanting more more more. I say use the template you have right now, and as sales come in, you can update later. Also, while you are updating the site, the old one is still up and making money.
Just my 2 cents. Best of luck to you and keep us posted on what happens!