memory efficient approach

I'd say it depends a bit on the actual size/style of the image. Given the image you've got there, I'd basically go with Option 1.

• Save the image with the image converter as 1bpp, image string, compressed
  
• Save it into a function that is executed when you need the image data: https://www.espruino.com/Code+Style#othe­r-suggestions
  
• Render with g.setColor("#3d9ae2").drawImage(img)
  
  

Since I imagine your code is saved to flash and executed from there, the data will be streamed out as required, taking up no RAM unless needed.

IMO the SVG approach makes sense when you have a big vector image - for smaller things Bitmap will win out. Also while the SVG converter is doing a great job of extracting the actual data, how it's represented in Espruino could really be improved!

I could imagine that something like:

g.setColor("#3d9ae2");
[ [61,8,...],[...],[...] ].forEach(x=>g.fillPoly.bind(g))

would really help.