Too bad that only integrates with outlook. I like to keep my outlook (work) calendar and 8.1 calendar (personal) separate. I think the first solution you posted will get me by. I am usually using my phone to add personal appointments anyways.
As an aside, with icloud installed, I did indeed see my icloud calendar in outlook 365, but I lost the ability to scroll up and down through the day (hours) using the touch screen. scroll bar worked fine as did the mouse wheel.
You should end up with an iCloud specific calendar in addition to your local 8.1 one. At least it does for me using the iCloud control panel that you can download from Apple. With that you can sync your bookmarks and pictures also if you want. Might be worth a try.