Personally I think this is looking worse. I mean no offense* when I say this, I just think the original idea is getting lost here.
Agreed. A static image like this is probably going to have a lot of action going around to make up for lack of animation. It can be a
bit excessive, just because it's something of a symbol.
Even when I think of healing or blessings, I think of a graceful, flowy pose as a suspended angel would assume. Right now the hair and cloth folds disregard, even seem to resist against it. They appear to vaguely display a forceful wind blowing right, or maybe the summon is moving left quickly, although the pose does not seem to reflect this. Well, except the possibility she's falling over, and her head's about to meet the pavement, whether it's 5 feet below, or 5,000 feet through a gaping hole in the heavenly clouds. Ouch. Helm's edit (as well as Cure's but not as much), sorry I have to say this, is the edit that I think made this most apparent. He could have rotated them a little less, just so they were still off to the right a bit. As for addressing the shrinking of the legs, it was the best edit, however.
Additionally the lightsource is very inconsistent, especially on the cloth. Do you really need that many highlights on it--or the hair for that matter? My eyes are constantly drawn to them because of this.
Here's my edit. Personally I think it's leaning more towards a destructive summon, but destructive in a feminine sort of way (I'm actually confused as to what to describe it, as now it turned out to be more of a healing/blessing like you decided on). Pretty sure the facial expression has the most to do with it. Also note, I used a skin palette from my edit in
this thread. Just thought it would look good, and would be easy to replace the original palette with. Which, by the way, is rather monochromatic. (Although I suppose that's because you're trying to emulate a "classic" palette like that of the SNES or Genesis/Megadrive? In which case I almost immediately got the vibe, for some reason.)
I also borrowed an idea from Helm, which was, in turn, done by Inquisitor. Basically having her arm pointing down, casting some kind of spell. I like the look of this take on it; still retains the grace and flow that I intended. That was probably half the point of this edit, actually.
Rather than shrinking the legs, I kept them in their original position (taken from V1) and instead made the upper torso larger because A) the limits of MS Paint wouldn't let me rotate and B) I liked it and easily got used to it. However, I did make the right knee bend a bit more.
To get a further anatomical grasp, I filled in the gap between upper torso and legs, redrawing much of her upper torso; her breasts probably turned out too large, cough cough. I tried to keep the "full-figured" proportions in check. It seems like such a position like this would be rather painful now that I realize it, but since a third of her body is going to be cloaked, it's probably not something to worry about as long as the anatomy is (mostly) correct.
Here is a step-by-step, final edit to the right.

1, body rough (note action line). 2, fixing/changing some areas of shading, palette replacements, cleanup start. 3, adding rough hair (very rough--looks like fur. Sorry). Got lazy, so copypasted drapery, and final touches.
EDIT: You say you're done already? Is this out of frustration? Seems so, honestly. You seem to have gotten stuck with every new drawing. Shame you aren't keeping it up.
@Piff, Aye, that's another thing to consider.
@Sonic Reaper, note that proportions of ancient Greek statues (of gods) generally reach about 8 heads high, more or less--usually more. However, keep in mind that their torsos are not undersized or their legs oversized. Perhaps considering applying this to the sprite if you're still willing to work on it?