I like the one with the brim shadow but the bell is too much. You've shortened the length of the floppy part just to get it in frame, so the hat itself starts looking awkward. I think the brim shadow is necessary, it's what makes it not look generated.
I think you can touch up the shadow a bit. Copy the shadow, fill it with a solid color (doesn't matter which). Make a new layer, use the other as a mask. Eyedrop the lightest red color from the hat. Use a radial gradient with the color to transparent and use it to darken the deepest parts of the shadow. Play with transparency and blending modes until it looks right.