Hi,
The good news is that the migration is much cheaper than you are assuming, because the full rewrite is optional.
When you run ALTER TABLE with CLUSTER BY, existing data is not rewritten. Subsequent writes and normal OPTIMIZE runs use the new clustering, while historical files stay as they are. Reclustering the back catalogue only happens if you explicitly run OPTIMIZE FULL. So your option two in question one is not a compromise, it is the default behaviour, and at 500TB it is almost certainly the right starting point.
If you later want to recluster selectively, OPTIMIZE FULL WHERE lets you scope it with a predicate, so you can rewrite the last year of data where most queries land and leave the cold tail untouched. That turns an all or nothing compute decision into something you can size against actual query patterns.
Also worth checking your runtime. On DBR 18.1 and above there is ALTER TABLE with REPLACE PARTITIONED BY WITH CLUSTER BY, which converts a partitioned table directly. That is a lot less painful than the CTAS path older runtimes required.
On the hybrid state in question two, the two are mutually exclusive on a table, so you never really run both. What you have is a clustered table where some files still carry the old layout. In practice reads degrade gracefully, since data skipping works per file either way, and the older files just skip less well than the new ones. The regression to watch is on queries that span both eras, not on the table as a whole.
On question three, I would separate two things that often get conflated. Liquid clustering fixes layout skew, so it does remove the need for tricks aimed at uneven file sizes and hot partitions. It does not help with shuffle skew during joins and aggregations, which is what salt keys usually address. If you are salting because one key dominates a join, clustering will not change that.
For the stakeholder case, the honest framing is that the near term return comes from removing partition maintenance and the risk of over partitioning, not from a one time layout improvement that costs a petabyte scale rewrite to obtain.