My question is, will the second option provide as much sound as the first in my given space?
That depends what you mean.
If you are talking about overall volume, the floorstanders will probably play louder. If you are talking about quality of sound, a good set of bookshelves will sound better than a poor set of floorstanders. I found this out when listening to two different levels of Paradigm speakers.
The M22 + sub is an excellent combination. In direct comparison to the M60, a very good floorstander, the bookshelf/sub combo sounded very, very similar.
I have not listened to the Klipsch you mention, so I can't comment there.
