When we were talking about this at our meeting, I said I would have the coaches involved. This is a much more complicated than our average penalty situation. I could explain the options to the Captains who are immediately going to look towards the coach. Simpler just to ask the coach.
If simplicity is the objective, not bothering with all this detail, declaring the penalties off-setting and replay the down, might very well satisfy everyone, but could cause problems.
Not to be hyper pickey, but NF:2-32-5 specifically designates "A Captain" to represent his team during:
a. The pregame and overtime coin toss.
b. Penalty decisions following a foul
c. Ball placement on a try, kickoff, after a safety, FC, awarded FC,touchback, start overtime.
Even when, "This is a much more complicated than our average penalty situation" the Captain has earned and is entitled to the repesct of his position (which may be an important asset later on in the game) and can be accomplished by explaining options, near enough to the HC, so he can monitor and influence his Captain. .