Don't know how your experts on usability or you myself, but I try to stick to the same opinion: people should always have before your eyes a information about the state of the system.
In other words, the panel of the second variant is mandatory. Thus, it can be combined with the first panel: remove the label, put the arrows in the middle panel of the second option and when you click on the panel, push the remainder of the panel. Although what I teach. Meaning, I think, is clear.