Gotta admit I didn't read the whole thread thoroughly so forgive me if I'm being repetitive here......
Both look great as is, honestly, but here's my input for what it's worth:
Move the text and possibly the sword higher up in "Old School".
The brightness seems fine to me but I'd like to see the blade of the sword more well defined. It has a sort of magical glow to it but I'd prefer a keener edge with maybe a glow beyond its substance.
I know this is not what you were asking about, but I'd consider a title change. "Old School" and "High Fantasy" just don't mix well for me. I know what you're striving for but the "Old School" just seems kind of anachronistic against that backdrop. And don't get me wrong, I'm old school, I love old school gaming, I'm an old school rap fan, etc.... I'd probably love what you're going for here.....but if it was a product on the shelf, I'd shy away from it just because of the title. Having said that, I don't have any better suggestions for you off the top of my head.
The second cover is cool as well, but I had some difficulty deciphering the font. It took me a few glances to go from "Buly" to "Bulp" to "Bulb?" to finally "Pulp". Shouldn't be that hard.
In terms of the color scheme, I wonder how it might look if you started the eagle emblem red at top and then sort of dripping down, as in blood, to the white below? Just a suggestion.
Like I said, overall an excellent job. Though I hate to judge a book by its cover......I'm intrigued enough to want to know what's within.