Interesting. So the Quorum of the Twelve (or Fourteen at that point?) could decide not to reorganize the presidency and they themselves lead the church without a First President?
Yes. When Joseph Smith first died, the Church was led by the Twelve for three years. For the next few successions, there were relatively long interim periods where the Twelve would lead. Beginning with Lorenzo Snow at the turn of the 20th Century, reorganizing the First Presidency became a much quicker process.
I will say this, as the articles don’t make it too clear: the next prophet has always been the president of the Quorum of the Twelve, but theoretically they could pick any member of that quorum. Also, the counselors have most often (by far) come from that quorum (thus explaining your Quorum of Fourteen point), but they do not need to. A president could pick any Melchizedek priesthood holder to be his counselors.