dividend, drp or bsp and franking credits.

Could somebody please explain the dividend options in dollar terms? (If you need to know tax rate, it's super fund in accumulation mode - so 30%??) QBE is paying 66c 20% franked.

If I take dividend, do I pay tax on 66c, but get 20% (13.2c) rebate (franking credits)??
66c dividend - 19.8c tax + 13.2c rebate = 59.4c net cash

If I take DRP, I get 66c worth of shares at whatever price they calculate, and pay same tax and get same rebate, and no capital gains tax on the extra shares??
66c worth of shares - 19.8c tax + 13.2 rebate = 59.4c net value (66c shares but need 6.6c for net tax)

If I take BSP, I get 66c worth of shares, pay no tax now, get no rebate now, but pay capital gains when I sell the bonus shares??
66c worth of shares now - maybe no capital gains tax if keep till pension mode??

So BSP seems pretty good option, although seems a waste of franking credits??

But I'm pretty sure my understanding would have plenty of errors, so if somebody could clarify would be muchly appreciated.