For what its worth, the alternate ending on the Generations DVD is sans almost all effects, however there was a version created with completed effects and a temp music track, see here
(although the quality is worse than the one presented on the DVD).
We know however that the original version was presented to test audiences (hence the reason it was re-shot), so I suppose it makes sense that the effects were completed for it.
I prefer the version they went with, Soran jumping up at the Nexus is dodgy and then Picard just shoots him randomly. How Kirk dies makes no difference to the ending, the important thing is he did.
Agree, the second ending is slightly better.