How do you parse this sentence?
... The two good phrases to delete are "you know" and "you might be thinking".

Which way of analysis is correct? Or neither is?

Pattern 1:

The two good phrases: subject

To delete: attributive

Are: linking verb

"You know" and "you might be thinking": predicative

Semantic function of infinitive: to indicate "propriety/obligation/necessity"[?]

Pattern 2:

......

To delete: predicative

"You know" and "you might be thinking": apposotive (of the subject "the two good phrases")

Underlying synonymous sentence in a more "common" word order: The two good phrases "You know" and "you might be thinking" are to delete.

Semantic function of fixed phrase "to be infinitive": to indicate propriety/obligation/necessaty

Question

How do you parse this sentence?
... The two good phrases to delete are "you know" and "you might be thinking".

Which way of analysis is correct? Or neither is?

Pattern 1:

The two good phrases: subject

To delete: attributive

Are: linking verb

"You know" and "you might be thinking": predicative

Semantic function of infinitive: to indicate "propriety/obligation/necessity"[?]

Pattern 2:

......

To delete: predicative

"You know" and "you might be thinking": apposotive (of the subject "the two good phrases")

Underlying synonymous sentence in a more "common"  word order: The two good phrases "You know" and "you might be thinking" are to delete.

Semantic function of fixed phrase "to be infinitive": to indicate propriety/obligation/necessaty

Answer

Your version 1 is basically correct.

The two good phrases to delete: (full) subject

to delete: [in my opinion, a reduced relative clause which modifies "phrases"]
phrases to delete 
= phrases [that you are] to delete, phrases that you will delete, phrases that somebody will delete

One small terminology change -
"You know" and "you might be thinking": subject complement or predicate nominatives

[excerpt]
In English grammar, predicate nominative is the traditional term for a noun, pronoun, or another nominal that follows a linking verb, which is usually a form of the verb "be." The contemporary term for a predicate nominative is ​a subject complement.
source: https://www.thoughtco.com/predicate-nominative-1691657

Some useful general information:
https://www.thoughtco.com/subject-complement-grammar-1692001
https://www.thoughtco.com/object-complement-grammar-1691355