I posted that I was starting my 8x10 layout about 3 years ago... that never happened.
Hey, it happens! Delays that is. I have been planning an addition to mine for going on 2 years now. Still can't make up my mind.
I am not much of a track designer, but your plan 2 does look a little more interesting. My layout now is more like the first plan and it does get kind of old just going around in circles. Others here are good at track design and will be able to offer better suggestions like Mark has above.
What software did you use to draw your wiring diagram? That looks like a real nice drawing.
Good luck on the new layout!