I really like how she looks so far. While I will admit that her proportions look odd, you ARE keeping to the proportions of the original model, which is probably the best thing to do in terms of animation (she'll probably look a lot better when animated in the game). With that said though I think you could stand to perhaps push her boobs together a bit more though to make her upper torso appear thinner. The side view suggests a rather modest chest while the front view suggests a Tifa chest.
I'm glad you've poofed out the shoulders, like I said it really does help to frame the figure, and her shoulders look a lot less awkward as well. Keep in mind that the poofy shoulders will also help when it comes to animation, as the seam between arm and shoulder will be less noticeable. She also looks a lot more complete now that you've added her little tiddly hair bits that come over her shoulder (excessively long sideburns?).
As for the ponytail, I suggest looking at her Kingdom Hearts model (either 1 or 2, both seem to do it well). Also, don't forget her excessively huge pink bow! (everything about FF7 seems to be excessively huge, whether it's Barret's hands or Cloud's sword!)