I had the same dilemma when test fitting the AP1's and AP2's, they were both a bit too large a head for my eye and I hit the CB's much much better. Both were good clubs though. You could always order the new irons with a stronger loft or even have your current set adjusted the same.

The loft and MOI differences will make a difference in distance favoring the AP1s. In my experience I can barely move the AP1s off of a straight shot. The AP2s would be better to work a fade or draw. If straight distance is the primary factor, the AP1s will be a better choice. You can also look at replacing the 4/5 irons with T-MBs, 712 U's if still available, hybrids, or with AP1s. All based on your swing speeds/characteristics and the workability you want with the clubs.

I play AP2 714 irons and love them. When I was fitted for these irons I actually went into the fitting thinking about getting the AP1 irons. After trying many different shaft options it was obvious that the AP2 irons were a better choice for me. The lofts are slightly weaker in the AP2 irons so I'm sure that equates to some of the loss in distance you've seen. I'm personally not a big fan of strong lofted irons because, in my experience, you just have to add more wedges to fill distance gaps. What makes the difference if you're using a 7 iron into a green instead of a 6 iron if your results aren't good. I'm fairly short but consistently beat players that bomb it past me. I my opinion the new AP1 716s are a much better looking iron that previous versions.

I struggle with the 5 & 6 iron and wish that I had stayed with my initial plan of getting AP1 iron in those clubs as well as the 7 iron. I do not hit those three as consistently as I do the 8,9 and wedges but do not hit them as often either, but when I hit them correctly they go the distance I need. Think mine is the age factor.

Why not use the 4-6 irons from the older set ? Lots of people have mixed bags.

I play AP2 716 P thru 7i. I love the look and the control I have with them. I definitely hit them further than my old AP2 712s by 5-10 yards. They are great irons with which I can easily shape the ball, if and when I want to. I also play an AP1 716 5i and 6i. Though I miss the look of the smaller head in my 5i and 6i and the ability to draw the ball easily, there is no denying that they are so much easier to hit more consistently than my AP2 5 and 6 irons. I previously had a 5 and 6 iron AP1 714 during the '14 season. The new AP1 716s are definitely a better iron and even more forgiving. I have far more confidence with them since I got them in November of '15, than I ever had in my AP1 714s. They are much nicer looking and the new design seems a bit sleeker.

If you really like the AP2s, I would suggest a mixed set, similar to what I play. It is pretty common these days. For me, it is the perfect set up. You will, however, likely have a pretty good yardage gap between your longest AP2 iron and shortest AP1 iron. I ordered my 7 and 8 irons 1* strong from Titleist to offset the gap a little. If I had the room in my bag I might consider playing two 7 irons, one AP2 and the other AP1. As of now, I don't have space, but I may drop a 23* hybrid since I can hit my AP1 5 iron just about the same distance when I hit it flush. But, I digress.

I had a set of AP1, 2008. Purchased AP2, 712. Same shaft. Liked the look of the AP2, but only used a year as the AP1 is better club for me. Looked at the new AP1 716 and purchased in Nov, used 6 rounds in Florida in December and was really satisfied with look and feel. Great decision for me. Did change shaft from S300 S to NIP Pro 105T as have friend that had that shaft in "other" brand, but felt good to hit. Really satisfied.