Colour version doesn't work, top half of the tag and bottom half of the tag don't blend together so it looks really weird. For the bnw one add a bnw gradient on luminosity over the bnw adjustment layer and play with its opacity a bit, it will improve the lighting that the bnw adjustment layer messed with.
I agree woth above that the BnW V2 is the best one but the lighting and depth couldb use a bit more work. Lighting is one of the ways to do depth though so, they sort of would complidment each others.
For light, i have seen in your work earlier too that you use a lot of contrast in your light. It bwinf really lightvand ending into almost full black at one end. These sort of extremes can de bad for the details in the piece.
In this piece in particular, i would say that the light coming from top is way too strong and overpowers the tag, also you should try paying attention to the bits where you see reflections of the said light, the stronger the light source, the stronger and the further the effect of the reflection reaches.these are dependant of the materials too tho, for grass, moss abd a lot of natural tectures the reflection is soft and weak compared to like metals. In the piece the render there are a lot of surfaces where slight reflection woukd not hurt. Experimenting with these would not hurt you in my opinion. If it looks wrong it probably is, its the way the eyes work. It tales a fair bit of practice but can make a tag pop.