I wouldn't have a separate shower and tub in a bathroom that small even if it's meant to be the new primary bedroom/bath location-keep it as a shower only as in original floor plan you've shown. Maybe do something like a trough sink instead of two separate bowls if your style is modern.

Could it suffice as a guest bedroom/hall bath? Especially if it'll be used by visiting older relatives, then just put in a shower. You've got a tub on the third floor and a full bath on the first floor. I'd be relucatant to give up that closet since you've got no other pantry/closet for the kitchen and living room areas. I'd also nix the idea of stools at the penisula adjacent to a range for safety and where will your ventilation system be if you remove the wall?

I think it would very worthwhile to loop in a kitchen/bath designer to assist you with these changes since smaller spaces/walkways/code requirements may well impact what's possible.

Unless you move the laundry to the basement there isn't room to do everything you'd like. I assume the hallway between the bedroom and bathroom is coming from the garage? I think you're closer to what you want with the second drawing, but check the code requirements for spacing between the sink and toilet in the half bath. I think you'd want 7-8 feet for a sink and toilet across from each other without feeling cramped. But a 12" deep pantry is still useful. I would definitely sacrifice the tub for a larger shower. That's probably what is used every day and a big selling point for when you sell. You may not have enough room for double vanity either. While you can have two sinks in 60", that's cramped. You are sacrificing counter space for that. Only you can decide whether the sink or counter is more valuable to you. Be aware that code usual requires at least 30" for a toilet. Check your local code to be sure you're leaving enough room for it. Sadly, I don't know how you're going to get more closet space. I have a large cedar closet in my basement for out of season items. You will probably have to take that approach.

@ Brook Evans did you get your questions answered?

@Moore4 I still haven’t decided!

Can you move the Hallway/Entry to the far right wall (would go through where the current shower and toilet are located), and still have access to your back porch? It would give you more flexibility. The "bathroom" and "laundry" space would then butt up next to Master Bedroom and could be completely reconfigured to fit private master bath/large closet with laundry/guest bath. The current master closet could then become your pantry space.

Did this not load when I answered 2 days ago?

@Moore4 yes, I love your idea! However, I don’t like the idea of guests walking through the laundry room to get to the back porch. Also, we don’t want to put our bed up against our windows in our bedroom because we have an amazing view.