Yes, that’s right.  In general, it turns out that sometimes *either* is **distributive**, essentially meaning *both* or *all*, and sometimes it is **exclusionary** and so applies to just one out of the set.

Your question is whether it would be understood to mean just one or if it would mean two in the sentence:


> Either of these options will do.

The answer is that here it means that just one option suffices.  It means “any single option”. If you have a doubt about how it will be received, you can always write *any one option* or some such.

For the most part, I think the “each one” or “both” sense applies to natural pairs.  Here are some OED citations for the “both” kind of *either*:

> * 1762 Falconer *Shipwr. Proem* 40 ― The fierce extremes of either zone. 
* 1820 Scott *Ivanhoe* iii, ― There was a huge fireplace at either end of the hall. 
* 1842 Tennyson *E. Morris* 37 ― Either twilight and the day between.

Note that *either* meaning “both” is the oldest of the various senses the word has come to mean historically.  It is somewhat uncommon these days, but by no means wholly obsolete.