Adult With Impacted Molar Unsure Which Treatment to Take

Hi, i'm a 22 year old male with what I guess people call a "snaggletooth"? I'm not quite sure if this is the correct term, but I think the correct term for it is an impacted canine (upper right). Basically, there was no space for the canine to grow, so it just popped itself out in front of all my other teeth, and above where it should be hanging. It is completely noticable when I smile, and even during talking. (think of the musician jewel, and you might be able to see what my teeth look like.)

now my dentist is telling me one of two procedures. The first, and the one he recommended is for the removal of both premolars (left and right side), and then with an orthodontist, get braces to move the canine back down into it's place. This would take roughly 2-3, even 4 years, and a lot of time and money.

The second procedure would be to actually surgically remove the canine, and then place a crown over the premolar it was above since although the premolar is already touching my incisor, it's placement is crooked which results in what looks like a huge gap. This would be much faster than procedure one, and cheaper too.

My dentist actually insisted several times that removal of the canine is a big no-no, since it is like an anchor and has the biggest roots. (however, the catch is it's ok when necessary.)

money is not too big of an issue here, although saving 3-4 k wouldn't hurt either. My dilemma is that this procedure would require me to stay in my current area for at least 2-3 years, or else I would have to find another orthodontist/dentist and then spend more money "passing the torch" for the progress of my treatment. However, I am only here in this area for school, and chances for me to move after graduating (within 1-2 years) are pretty high.

After hearing about procedure 2 (the dentist actually proposed this on my follow-up meeting), it seems more efficient. What is bothering me, though, is what he (and a couple of other dentists I have seen in the past) strictly admonished about removing the canine. What I am afraid of is the long run, such as what the cons are for losing one of my canines. (and also, I have been told that the root itself helps support the face, and by taking it out, sometimes your entire face would kind of sag..?)

maybe someone in the field or with knowledge of these kinds of things can offer me some advice? Much help is appreciated!