it looks much better without the blob, but i prefer the punchy, poppy colors of v1. also, while i'm a big fan of the hand-drawn look in general, i think your sketch could benefit from a little discipline (and some legit hand lettering instead of actual handwriting.) that's my reaction on a purely visual level.
that being said, i have no idea what this shirt is about. i mean, i get that it's some sort of elvis costello joke but i really don't know enough about elvis costello to decipher the meaning. i might not be the only one, which could account for all the crickets chirping all up in here.
*it is AWESOME!