Wow! Amazing discussion on this fellow. I'm seeing a totally different thing. The gold embroidery on his coat - they look like Egyptian figures. Weren't the Victorians into Egyptian things? Who was the Egyptian God of the Dead (Horus?)
The early-to-mid 19th century was very into Egypt thanks to Napoleon march on it near the turn of the century. When he came back from Egypt he brought all sorts of goodies and pictures of the place, kindling a new fascination with it. Also, thanks to his soldiers, there was the discovery of the Rosetta stone which gave Victorians (and us!) the key to reading hieroglyphics.
The Golden Dawn Folk (Aleister Crowley included) were all into the Egyptian magic thing for their rituals and, yes, for tarot card symbolism.
Osiris was the god of the dead, however, Horus is the Egyptian version of Hermes (aka: Mercury, the planet of this card). Mercury was the "psychopomp" meaning he sometimes helped spirits find their way to and from the underworld. The Magician is certainly a card about being able to reach your hand into other worlds (into that magician's hat) and bring things out or put things back in. He's of our world, but he is able to make that connection of bringing something from that "other" place into our world. Manifesting the unseen.
Don`t you think that the smoke in the 1st edition is much more, deep, rich, orange, than in the Magician of the 2nd edition, where smoke is way lighter and less colorful?
The smoke isn't richer or more orange...but the thing coming out of the helmet is
It's a glowing orange-yellow blob trying to push its way out like a bubble of molten lava! In this new version, I get the feeling that the Magician just lifted the beaver of the helmet (aka, the visor) after he did the spell (?) and has stepped back with a gasp as this molten power radiates out of it, overflowing, smoking .
And he's looking right at us as if to say, "uh-oh..."
I do read a clearer connection in this image between the skull, sword and the helmet--that the skull was the former owner of said helmet and sword. Our magician seems to be trying to resurrect this demon warrior. It also feels like the four suits are more on that table--the helmet as the "cup" the candelabra as the wand, the skull as the pentacle and, of course, the sword is still the sword--apt for a card which is the element of Air.