Most compilers will break your code down into "basic blocks", which are stretches of code with no jumps/branches in or out. Optimisations will be performed on a graph of these blocks: that graph captures all the control flow in the function. The basic blocks are equivalent in your two versions of the code, so I doubt that you'd get different optimisations. That the basic blocks are the same isn't entirely obvious: it relies on the fact that the control flow between the steps is the same in both cases, and so are the sequence points. The most plausible difference is that you might find in the second case there is only one block including a "return", and in the first case there are two. The blocks are still equivalent, since the optimiser can replace two blocks that "do the same thing" with one block that is jumped to from two different places. That's a very common optimisation.
It's possible, of course, that a particular compiler doesn't ignore or eliminate the differences between your two functions when optimising. But there's really no way of saying whether any differences would make the result faster or slower, without examining what that compiler is doing. In short there's no difference between the possible optimisations, but it doesn't necessarily follow that there's no difference between the actual optimisations.
The reason you can't single-step your second version of the code is just down to how the debugger works, not the compiler. Single-step usually means, "run to the next statement", so if you break your code into multiple statements, you can more easily debug each one. Otherwise, if your debugger has an assembly view, then in the second case you could switch to that and single-step the assembly, allowing you to see how it progresses. Or if any of your steps involve function calls, then you may be able to "do the hokey-cokey", by repeatedly doing "step in, step out" of the functions, and separate them that way.