Pretty good for a first try! There's a very convincing sense of light in this already.
not sure what to do aside from fiddling pixel by pixel and zooming back out to see if it looks better
That's how it's done =)
If your software allows it, opening two windows of the same document helps, one at 2x or 1x to check and one large to work.
As far as shading goes, I mostly prefer your first version. For one thing the contrast is more lively, and the transitions are consistent with the small pixel size. The new version looks flatter.
Astraldata's advice about using light to emphasize nearness is very interesting (I've never thought of that before), but in this case it conflicts with lighting realism, and I'm partial to that.
Brightness of a body part depends on the angle the light hits it, as well as distance from the light source (inverse square law). We don't know the source distance (anything from close to infinity - sun), it might give better presence to assume it's reasonably close.
The near arm is angled away from the light, more than the far one, and it could also be farther, so it should be darker. Specifically, the upper arm is more angled away, and was rightly darker than the forearm in the 1st version, even despite the greater distance. This made the arm volume easier to read.
On the other hand, the inside of the far arm and leg receives reflected light from the torso and other leg, so the lower contrast / brighter shadow there makes sense.
A brighter highlight tone might be useful for those parts facing the light and closer to it, such as the top of the head, his right shoulder, maybe upper torso.
A few pixels of shadow to encase the eye would greatly help, too.