So is v1 pretty good now with the added mind game of throw or spark port?
It depends somewhat on what you thought of the variation before. The bigger changes are the F1 and F11 hitbox, F2 being plus on block, better BF1 Amp, F32 being an overhead. The B12 changes aren't that big of a deal, since Raiden is still mostly unsafe doing B12 unless you're doing a good job of reading the opponent and trying to condition them.
I think TW is a solid variation. It probably doesn't have the safety or anything broken enough to carry anybody, but if you play solid you're more than capable of finding a way to outplay your opponent.
At this point I'd think of B12 being kind of an unsafe stagger situation. Raiden has a couple options in using B12, all of them various degrees of being unsafe.