You nailed the concept, yeah! Try to find the clusters thread, it's a great concept to kep in mind. As for the boobs, yeah don't force the jiggle. Try to keep in mind how the character moves, if they're bouncing like a boxer more bits move wildly but if they're just doing a little toe bounce that won't be the case.
Again, try to rough out the positions of the limbs before you animate the whole!
Also, still gotta fix those arms! They're way shorter than they should be, use your own to feel out where they should be!