Is MHSv1 deprecated?

Slightly provocative title, perhaps, but I'm confused about the relationship between MHS v1 and v2, as well as what the recommendations are for which to use. I'm used to seeing anything with a higher version number implying it's a replacement, especially when they're somewhat incompatible.
I'm particularly interested in making a two-handed dueling stunt saber, so that's going to color my perspective.

V1 seems like it has a lot more (and sometimes more interesting) shapes, while v2 seems rather more bare-bones, especially in the blade holder category.
Meanwhile, I find the slightly smaller outside diameter of v2 appealing, since it's somewhat less circumference for me to grab onto. (0.15" diameter ends up being somewhere around half an inch of circumference.)

And then relatedly, if I were to decide to use a V1 blade holder and a V2 extension behind it, which side of the adapter piece (V1 or V2) would you recommend I put the LED assembly?

I'm not sure what the long term plan is, but v2 has been around for a while, and new v1 parts keep coming. I agree v2 is lacking in variety. I think sales will probably drive what happens to each long term. V1 has more room for fancy internal work.

No, the first version is the most popular and oldest. The second version just has a slightly smaller diameter. That’s all.