It started out as being called "Project 420" however, I think it may have been officially changed to C:LEAR (Cannabis: Legalization, Education, Acceptance, and Reform). The subreddit is only 5 days old, and not much is certain yet (it's in the beginning stages) so it's important that people such as yourself share their opinions and have input because it helps with decision making. You have a point that using "420" might be inappropriate, and I think other people have realized that as well. I'll change it to c:lear in my post.
The reason it began as "project 420" is because people are planning on having demonstrations on April 20 2012.
Edit: Here is the facebook page, if you have facebook and their twitter. I don't see any mention of it being "project 420" so it looks like it's safe to assume that it's officially been changed to "C:LEAR," which is probably more appropriate.
if this is something you're going to use a lot, just FYI there is a deep discount for students and a free trial.
If you're already familiar with the UI, Krita is a free open source program with a very similar look and feel
I'm a former student, but am a professional developer. I'm no UI/UX expert, but have worked with plenty of folks that are.
Anyway, they both look fine on desktop, but a lot of what we do nowadays is "mobile first." So, with that in mind, I definitely prefer option #2. It does a better job utilizing the horizontal screen real estate. More text on one line means less scrolling, which is a good thing (especially on mobile). I know a lot of "new" looking sites use crazy wide margins. As mentioned, I'm not a design expert, but that seems tied to the fact that wide margins mean more scrolling, and that means they can cram in more ads...
Some other thoughts:
Hope I'm not being too critical -- just want to provide some constructive feedback. Let me know if I can be of any other help!