Thanks Sanjeev :)
I totally agree with your point sanjeev and I will be using option 2 (Long weld neck flanges).
http://www.red-bag.com/engintools/flange_dimension.php
Long weld neck flange is butt welded to shell at an angle of 37.5 (degree) and outside diameter of weld neck is ‘MACHINED at an angle of 14 degree’ for smooth exterior.
( Wish I could attach the dxf format to explain more)
Will I need to recheck flange to Appendix 2 (ASME) as I am machining the flange for smooth exterior and if I do how will I work out thickness??
PLease avice me and let meknow if more information is required