I posted a message on your wall- again glad you are here. 

The best idea would be number two. Being a comprehensive-aiming encyclopedia & wiki, it is standard for us to have individual pages on subjects, such as pagan gods in the Old Testament. We defintely do not want to remove "redlinks" (links that are to pages that don't exist) and probably don't need a list page/table at this point. 

I would suggest starting with Baal, since he is probably the most important Canaanite god. Make sure you stick just to information that we have in the Bible regarding Baal- articles are supposed to be comprehensive entries on the biblical treatment of a subject , not Baal in all of world history. Take a look at any of our articles on people or places to see a good format of how this should be done. 

The best format is to have 1-3 intro paragraphs followed by a "history" section, detailing how the Canaanite god was worshipped throughout the Bible. I am here to help you along with how to write articles, as there is a learning curve when you first start. I understand "Baal" is often a title, not always a specific god. I am not sure how we document between "Baal" as an entity versus "Baalism" as an article on the religious worship (similiar to an article on Yahweh, the one true God and the actual religion that worshipped God at the time Yahwism).