Initiative Variant (Speed Factor) - actual use

[Hriston]

Yeah, a versatile weapon would give you the option each round of +0 modifier (normal use) or -2 (two-handed). If you wanted to increase the odds you act first, it'd be a better option than a static heavy, 2-hander. (On an aside: regular bows have always gotten love from D&D).

As written, it's the type of weapon wielded, and its properties, that tell you which modifier to apply, not the way it's wielded. There's no modifier listed for a versatile weapon, whether it's wielded with two hands or one.