What other devices are driven by your 74HCT138? Do they require ~IORQ qualification?
There are two issues with schematic 1 & 2:
1. ~IORD signal to CF interface needs to be filtered with 100ohm resistor/100pF capacitor network to reduce the effect of ground bounce.
2. The setup time from ~CF asserted to ~IORD or ~IOWR asserted is too short in schematic 1 (just one HCT32 gate delay). In schematic 2, ~WR is likely asserted before ~CF is asserted which is bad.
Ideally you want to do what Steve Cousins did, i.e.,remove ~IORQ from 74HC138 so to generate ~CF as soon as addresses settled (I would also connect ~M1 to pin 6 of 74138) to give plenty of setup time before assertion of ~IOWR and ~IORD. The OR gate combining ~IORQ and ~CF is not necessary (unless 74138 is extremely slow, ~CF will always be asserted when ~IORQ is asserted); just connect ~IORQ to ~WR to generate ~IOWR and ~IORQ to ~RD to generate ~IORD. Be sure to insert a 100 ohm resistor and 100pF RC network in line of ~IORD.
However, if your other devices driven by 74HC138 require qualification by ~IORQ, then the solution of above paragraph won't work.
Bill