How to target individual elements within one plugin?

How to target individual elements within one plugin?

I'm working on a plugin to manipulate form fields.

Most plugins I've seen are implemented like this:

  1. $('#element').myPlugin({
  2.         option1: value,
  3.         option2: value,
  4.         option3: value
  5. });

But in the case of form fields, I think a more efficient structure would be something similar to the bassistance validation plugin:

  1. $("#form").myPlugin({
  2.         fields: {
  3.                 "formfield1": {
  4.                         option1: value,
  5.                         option2: value,
  6.                         option3: value
  7.                 },
  8.                 "formfield2": {
  9.                         option1: value,
  10.                         option2: value,
  11.                         option3: value
  12.                 }
  13.         }
  14. });

Q: How would you setup a plugin like this?