I subscribe to the first theory. After all, Qin Hui was a 宰相,一人之下,万人之上. It is extremely doubtful that the Jin could have had any wealth large enough to bribe him. Why would he ever want Yue Fei to fail, when he had far more to gain from supporting Yue Fei's success?
I suppose it's possible that he had some hidden grudge against Yue Fei that history didn't record, but even then it seemed unlikely. Song at the time was experiencing a period of revival, which indicates that the Song Emperor was not entirely incompetent. It's doubtful that Qin Hui could have had enough influence with the emperor to frame a general as famous as Yue Fei. Furthermore, as you have indicated, had Qin Hui actually wanted to frame Yue Fei, why did he give him a "mo xu you" crime?
This strongly indicates to me that Qin Hui, being the flatterer that he is recorded as, was simply trying to curry the Emperor's favor. He felt that with the Emperor's backing, he had no need of even creating a false crime in order to arrest Yue Fei. This goes back to the idea that the arrest and execution of Yue Fei was ordered by the Emperor himself.
Previously, I had believed the popular explanation that the Emperor didn't want Yue Fei to rescue the two captured Emperors. However, you are right: those two Emperors were dead already by the time Yue Fei as arrested!
There is one explanation that still supports the theory: even though the captured Emperors were dead, they had heirs. Song Gaozong (Yue Fei's Emperor) was from a different branch of the imperial family, and perhaps he feared that by bringing back the captured imperial heirs, his own throne would be threatened. I think that you may be putting to much faith on the feelings of the peasantry. An Emperor who was at war had a lot of power due to his mobilized military. Even Yue Fei himself had participated in the crushing of many peasant rebellions. In fact, Yue Fei might not even have been very popular among the peasants before his death.
BTW, did you happen upon this article?
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