Thinking about this, since Tenor V1 API keys are impossible to get now even maintaining this theme component Tenor V1 part will become a hassle, as a developer needs a working API to test it locally.
With that in mind I’d say we remove Tenor V1 from the component now. Admins using Tenor like @PaulinaMX can hold on the update and get a V2 API key before updating. We can also keep a tenor-v1 branch around for a while for people that need it.
Whilst keeping in mind that @tnoor-co has put a massive amount of effort in here (and I fear asking him to do more), my hunch tells me we should probably go for broke and remove V1 code entirely for the sake of keeping simplicity & clarity of settings and code in the main branch.
It just feels like a lot of complexity to avoid the inevitable