550.32(C) requiring each mobile home having a service of 100A just adds to the confusion.
The way I understand it is that that the park must have the larger of the following:
1) Minimum of 16kVA for each mobile home. In this case that is 3x16,000 / 240 = 200A. So no less than 200A service conductor and service equipment.
2) The largest calculated load that a lot could have for a mobile home with 550.18 and multiple that by the number of mobile homes on the lot.
The confusing part, and I imagine the reason for the question, is the language for using the demand factor.
"It shall be permissible to calculate the feeder or service load in accordance with Table 550.31. No demand factor shall be allowed for any other load, except as provided in this Code."
The section does not specify if you can apply that to option 1. It also does not say if you are allowed to have a calculated load less than option 1 or option two after demand factors.
I am assuming they mean to apply the demand factors to both options and that no load should be less than option 1 before the application of demand factors.
So your math looks sound. Though the conductor selection was incorrect.
1/0 is only good to 150A. So you would need 2/0 Cu or 250kcmil Al.