Your first rendition of this is still one of my all-time favorite songs on NG. But even as a novice musician myself, I can appreciate the want to make a new-and-improved version of an old song. Overall, I like this version, but not quite as much as the old one.
If I may echo Bob's earlier sentiment, I don't agree with the "stutter" effect in the last minute. The fading between chiptune and complex instrumentation was also a bit uncalled for.
However, I see nothing wrong with going for a simpler, fewer-instrument approach. Indeed, being to-the-point was what made this song excellent all those years ago on the NES. Streamlining the song works here.
Still, I just can't shake off my love for your older mix of this song. I'm mostly blaming nostalgia, but it just might be the ending shenanigans as well. But it's still a great mix, don't get the wrong impression.