Mysql Master-ColdMaster

I explain my case:

I'm at Amazon AWS and I want to be fault tolerant on a entire region failure. My basic problem is to have the db in sync with 2 regions.

My options:

1. Master-Master (high lag)
2. Hand made sync every 5 minutes
3. Master-ColdMaster?! (copy on the fly but Master won't wait the other region commit)

In my system we could afford loosing a piece of data (we're not a bank) the last inserts in the db, but we could not afford more than 10 minutes of downtime. The database is small and the level of inserts is low, and I wouldn't affect the normal usage waiting other region commit.

Is the 3 solution posible? And the most important, once the primary fail how we can detect and change the rol between master-coldmaster --> coldmaster-master ? Is there any clean-mode to restore between failure?

Thank's!