Then do as Robert said... enter on 60 day SETV, extend for 30 days at immigration (1900 baht) and then again near the end apply for extension and they will deny it but give you 7 days (1900 baht).
Reason I recommend the METV is that you can easily spend half the day at immigration for each extension and you will be spending 4800 baht on visa and extensions. With the METV, you enter for 60 days and then just take a 'border run' (step over the border stamp out, stamp in) to start another 60 days.
Now.....you mention you're staying in Koh Phangan? Is that for the entire trip? Because extensions and/or visa runs are going to be a pain in the butt as there is no immigration office on the island. You would have to go to Koh Samui each time.
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