Some thoughts....
1. Your backup outfit is a knockout!
2. The first dress really wowed me! My first thought was, somewhere in Rome, there is a fountain waiting for Diana to walk barefoot through it while they film in black and white.
I don't think the hips are too poufy.
BUT.
If it doesn't feel like it's 100% authentic you, it's always going to be the dress you 'settled' for, to fit in with the herd at the big events. I have a few of those parked in my closet, and boy, are they hard to evict.
I'm glad you're continuing your search. There is always a better, prettier dress, skirt, pair of shoes, whatever, out there. You have until July, and you have a backup.