Save your data to a USB memory device first, then, upgrade your console.
Your data of version 1 console can be loaded to your V2 console and V2 Editor.
When you store your data with the V2 console/Editor, it will be converted to V2 data format. And it is not compatible with V1 console or V1 Editor.
V1 Editor is for V1 console. When you upgrade your console to V2, you need to install V2 Editor to use with the console.
Please let me know if you find any good or bad thing with the new system.