I don’t think preprocessing the 5.3 code this is a great idea. If your code is functionally identical in both PHP 5.2 and 5.3 with the exception of using namespaces, instead of underscore-separated prefixes, why use namespaces at all? In that case it sounds to me like you want to use namespaces, for the sake of using namespaces..
I do think you’ll find that as you migrate to namespaces, you will start to ‘think a bit differently’ about organizing your code.
For this reason, I strongly agree with your first solution. Create a fork and do backports of features and bugfixes.
Good luck!