Death of a Mermaid 2!

I'm thinking of doing something I've never done before: a second version of a past painting. 

Here are two studies for what may become Death of a Mermaid 2:

And here is the original Death of a Mermaid:

I'm not sure why exactly I want to do a second version.  I think I went way overboard on the second study.
I'm also worried about working on two paintings simultaneously, since that has never really worked out for me. I'm still working on Rockthrowers.