Thoughts on the squire:
The source material has distorted proportions. Long legs, small torso (in all directions), oversized arms, and a stretched head. This is not good or bad, but something to be aware of as you make your sprite.
I'm glad that you changed the dangling arm in your latest edit, it needed work, and the shield is an improvement. The new shoulders are much better.
I'm not sure shifting the colors to neutral gray (tunic) is an improvement. Gray is just so bland. The new stance does not look balanced.
I think both the original and the new version need a stronger curve at the waist/hips on our left. The figure is symmetric, but the stance is not. The source material has tiny hips, but the tiny torso covers that up somewhat.
Your original post asked for suggestions on the face. You've got a decent generic anime doll head now, and it's probably good enough.
I tried an edit (based on your original) and went a different direction on the face, and adjusted the hip a bit. Also reduced the shoulders, although your latest edit works great there.
Thoughts on the white mage:
The white-gray color scheme and perfect symmetry make this figure very bland. The point of view seems to be slightly from above, which is different from the squire.
Tourist