Since I can't quite figure it out as I mentioned in the comments, let me already answer what I can - the answer to Question I is yes, and I'm enclined that it is so also for Question II but I'm missing an argument.
The point is that in Question II, one should be able to deduce that the monoidal structure preserves colimits in each variable: fix $X\in Set_*$, then it is of the form $(X_0)_+$ for some $X_0$, and for all $Y\in Set$, $X\otimes Y_+ \cong (X_0\times Y)_+ \cong X\wedge (Y_+)$. Since every $Y\in Set_*$ is of the form $(Y_0)_+$, this tells you that at least pointwise, $\otimes$ is given by the smash product. The same elementary argument shows that $X\otimes -$ preserves coproducts, but it seems a bit more subtle to properly show that it preserves pushouts although it should be doable (and I think elementary, once you spot it...)
Thus Question II should follow from Question I, and let me now focus on the latter.
The point that is made in the $\infty$-categorical proofs is that you can reinterpret "symmetric monoidal structure with 1." as "commutative algebra structure in $Pr^L_1$", the $(2,1)$-category of presentable $1$-categories equipped with the Lurie/Deligne/Kelley tensor product. From that perspective, together with the general theory of idempotent algebras, the claim follows from :
Theorem : $(Set_*,S^0)$ is an idempotent algebra in $Pr^L_1$, that is, the colimit-preserving functor $Set\to Set_*$ that picks out $S^0$ becomes an equivalence upon tensoring with $Set_*$.
Proof: The proof of that is exactly the same as that of HA 4.8.2.11, replacing each instance of "spaces" with "sets" and "$\infty$-category" with $1$-category. I can reproduce it with the relevant changes if you want, but for now let me just say that.
Here is a question to which I do not know the answer off the top of my head, and which might help with Question II: is the same result true if we replace $Pr^L_1$ with the category of categories admitting coproducts and coproduct-preserving functors ? Therein, $Set$ still turns out to be free on a point (it is surprising that $Set$ is both a free cocompletion and a free coproduct-completion), so it wouldn't be the most surprising thing but I'm not sure.
If not, then some extra argument is needed for Question II. Note that adding colimit-preservation of course makes it correct because then it satisfies the hypotheses of Question I :)
(and also note, as a side point, that because everything is presentable, Two-sided colimit-preservation is equivalent to monoidal closedness - and without presentability, it is implied by closedness)