Personally I think that second frame is a better deal for several reasons. One is the fact that you are not yet a hand quilter but that you want to try hand quilting. Although you probably still have to baste the quilt, you can set that square frame up at whatever height you need and it rotates so you can quilt from any angle.The big bonus for me would be the spot to put a light (and it's included) so you can see what you are doing. Plus, it certainly will not take up nearly as much room and it is very portable so you could take it out and about or fold it up and put it away when not needed. I bought an unfinished frame many years ago and since I wanted it darker, I stained it and sealed it. You could just put a coat of some kind of sealer on it and it would be fine. Not difficult at all.
Good luck with whatever you chose. Remember, hand quilting is like any other skill such as playing the piano or learning any sport, you need to practice it every day to get comfortable and good at it.