Of these two, I prefer the top photo. To me it is cleaner and more distinctive as to what the letters are.
Not that I am an expert, I am just learning. I think, and will be corrected if I am wrong, that the more that I look at others work and drawings and comment on them that I will learn also.
But depending on the ornamentation (and depending on what it's for) the second one could be better. If your end result is going to be very ornate I'd say take the second one but make the bottom of the V a bit more pointed.
How about change the direction of letters upwards....or horizontal . U can create the "strength of monogram" thinking about D:s left upperpart vs L:s lowerpart vs V:s rigth upperpart(sorry my bad english) and keeping the bodies of letters same angle.Btw is there certain object this engraving should be made on, or just a metal plate?