So it sounds like the option of getting married in Lima, Peru and then filing the I-130 doing the IR-1 route with the interview taking place in the embassy in Lima would be the less expensive option. Also, I like the fact that when my spouse arrives she will be ready to work/travel/etc.
I did not realize that the K-1 does not give you employment authorization.
In terms of time, it sounds like I should plan for a 2-year process either way.