The first is a Jr Cowhorse bit. Of all the cooky barrel racing bits on the market, I find the general design and concept of it to be pretty decent. It has a slight gag action but nothing compared to the monstrosity that you posted second. If the Jr Cowhorse wasn't a broken mouthpiece, I actually wouldn't mind it. The jointed, twisted 'snaffle' bit on it is just harsh.
If he rides well in a halter and you trust him in a halter, ride him in a halter or a sidepull. I love a good leather sidepull. If nothing else, they are a nice break for horses need a break.
If you want to ride him in a bit (for the record, I am a bit girl *laugh*) you need to start with the slightest thing he will answer to. Starting back in a plain D-ring snaffle would be ideal but it would certainly be an experience. I would recommend starting in an enclosed ring/round pen. It can be a long process getting him to respond to something subtle like a snaffle again. But then again, you never know.
If you were looking to take the pure nastiness out of it and start from there, I would go with one of smrobs favorite bits. A low port curb with swivel cheeks and short shanks. I am trying to find you a pic but have had no luck!