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I will go with 2.

It would create a new "dimension". It all goes in theory of that with every decision you make a new "dimension" takes place and theres a dimension for every possibility. With that in mind, i dont think time travel is as simple as traveling in just the time axis, wich is why its pretty much considered impossible. If it was possible, i would expect someone from the future would have come visit us already.
Alternatively, if it was possible with the multiple dimension theory, i guess that a new dimension would be created and future self would be stranded in the past if he only traveled in the time axis (he could travel to the future of the dimension he just changed). He wouldnt be able to return because his interference destroid or deviated the position of his dimension in the spectrum. Without travel in the "dimension" axis i would think it would be impossible for him to go back.