I cannot give an opinion on the Heimdall, unfortunately, but I did just purchase a Frey 2. I had heard the Frey when it was not quite broken in, but when I had it for a weekend, I was impressed by the change from Saturday night to Sunday afternoon when I listened again. I still did not buy them: I want something fully broken in, not halfway.
The dealer let me have them last Saturday and they sound considerably better. There is significant weight to the sound, far, far past the original Freys and quite, quite open.
I can't agree that they do not have focus or specificity: I also bought an NAD integrated as backup for my Hurricane amps, one of which is being repaired. Hurricane amps image to die for - much easier to hear in a larger room (my 23 x 45 room allows me to hear a realism in the Hurricanes that I do not get in my 13 x 20, ASC wall-damped room). The NAD is also fantastic at imaging and specificity - and I've owned Jadis, Goldmund, VTLs and reviewed several other components when I worked at Fi Magazine.
The Frey sound has not deteriorated at all, even going to the NAD integrated. In fact, I can hear better than ever that the NAD is an extremely quiet integrated and hearing Nina Simone's voice on the NAD with the Frey (after removing my Arcam FMJ 22 integrated) is still dazzlingly good. I could live with the NAD for its sheer musicality, much more like tubes than solid state - until you get to the (very) pricey stuff.
I would not suggest going to series 1 speaker cables: I've had the Valhalla and, as good as they were, they sucked out the lower midrange, which the Frey 2 does not. At all. I would imagine the same is true for Heimdall (I can't imagine, logically speaking a manufacturer such at Nordost being so stupid as to improve their line and skimp on anything from Heimdall up to Odin cables. That would be sheer stupidity.)
Go for the Series 2. I haven't heard the speaker cable, but the interconnects are quite a departure from Nordost's "house sound" of the past: transparent, and evenly weighted, dynamically speaking from octave to octave, but a bit lightweight overall. The Series II cures that issue. As I recall, HP, after hearing the Odins, admitted how "chagrined" he was to think of the Valhallas as "threadbare" to use his exact word for it, but that he could see it now that he'd heard the Odins (which are, obviously, also a "Series II" [astronomically priced, though] line).