That's fine, just thought I'd better ask to try to get a better idea ;) (By the way, my 'pup' was one year old on 22nd Oct!)
The fact that your lab is still a puppy himself will mean that you will have your work cut out! It is never easy having 2 pups to look after. Believe me, I've done it! They should be alright together, just watch that Bailey isn't a bit too rough. He might forget that he is not a little puppy any more :D You may find that he will revert to being a very young, 'deaf', puppy again. Some do, but most do at his age. Personally I would have waited a bit longer between pups, but it's your decision :) Each pup will need it's own time with you, without the other one. This way you will be able to teach the basics a lot easier. There is no point shouting at the two of them to 'come' if they are running around the park together. They just won't listen to you. Been there, done that. Playing is much more fun than coming back to get a lead put on

If you can put them in separate crates for a 'time out' period you should find it a bit easier for yourself. You will need a break from them too.
I brought my pup in to my house and just put her down on the carpet. The others looked horrified

What was this
thing that mum had dared to bring home. It took them a few days to realise that she was here to stay. They all get on great now. Even my 7 year old bitch plays with her. She has never wanted to play before. Well, not with normal dogs. She would always play with my friends rescue racing greyhound who didn't know how to play :D At least not until she met Chloe ;)
Good luck with your new pup. You'll need it :D