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.
In reply to Re: Building Good Modules
by talexb
in thread Building Good Modules
by John N8UR
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