More elegant way to show | hide in jQuery
You can shorten it down:

$('#shw_test').click(function() {
    $('#hde_test, #shw_test').toggle();
    $('.class1').show();
});
$('#hde_test').click(function() { 
    $('#hde_test, #shw_test').toggle();
    $('.class1').hide();
});


Likely, you can shorten it to:

$('#shw_test, #hde_test').click(function() {
    $('#hde_test, #shw_test, .class1').toggle();
});


Just depends how the initial state of things are.