Compilers will calculate the value of the bitshift and write a constant in the code. So (1<<3) is really equivalent to 0x04. Styles 1 to 3 are equivalent, you won't find a compiler that messes up these things.
Style 4 is quite elegant, but I wouldn't be so sure if all compilers will do the right thing.
By the way, i = i + 1 and i += 1 are identical and will thus most likely be optimized in the same way by a decent compiler. Compilers are quite good today and will, if you don't mess up their configuration, compute constant expressions at compile time.
Personally, I use style 2 because I think it's the clearest way to express things. Also, numbering is absolutely obvious with this. Since the BITx definitions usually start with BIT1, but ports are numbered from 0 to y, PORT1.0 will actually be set by P1OUT |= BIT1, which I think is slightly ugly and confusing. It's much nicer and clearer to use P1OUT |= (1<<0), even if it doesn't look as obvious at first.