dear ch,
1. color
each color has a meaning. This can be be adjusted to your needs and your business. these are some color meaning.
RED : action, power, energy, courage, strength.
ORANGE : affordable, warm, sociable, optimistic, enthusiastic, cheerful.
YELLOW : cheerful, happy, playful, fun.
GREEN : growth and vitality, renewal and restoration, being tactful, emotionally balanced and calm.
BLUE : loyalty, trust and integrity, reliability and responsibility.
PURPLE : humanitarian, selfless and unlimited.
PINK : sweetness, naiveté, feminine and intuitive energy.
BLACK : authority, power, control, strong, contained, formal, sophisticated.
GRAY : intellect, knowledge, wisdom, security, refined, dignified, conservative.
based on the color meaning, i choose RED, GREEN, BLUE, and BLACK/GRAY.
2. shape
the new shape which i offer to you is more refined, cleaner, and more professional. I think you need a big change in the logo for a better impact on your business. the original shape is more childish, not serious, playful. if your business is advertising agency, that is suitable.
3. #34 on the white background is #33.
4. yes, because you said on the brief to retain the house/heart icon of your current logo. circle shape and new shape for house/heart which i create is one of the great idea for out of the box.
I already explained to you the meaning of the shape and color of a logo. now, turn to you for the decide willing to which direction? your choice is the best. i as a designer is ready to assist you.
Thank you.