Ouch. You have my sympathies with regard to the character design. Animating all those tiny bits of costume? Yuck. Using a full body image just for displaying status? Ugh.
Your latest version is better. PixelPileDriver's edit incorporates an exaggerated hourglass figure which works well for the broad shoulders. Another option would be to squeeze the shoulders and torso a bit. Maybe erase 2-3 pixels from the back of the ribcage and move the shoulder in a pixel or so. This would give you a small but fit frame. Something like:

It's an option. (Pic is from a fitness blog, not mine)
I think the forearm is a bit too round. Usually the muscles are bunched up near the elbow, and the half near the wrist is fairly straight. Women don't really ever get Popeye forearms, even the bodybuilders. I think it would be enough to straighten the parts covered by the wristband. Maybe shrink the width by a pixel.
Grimsane: I don't quite agree with your critique. I think the legs could be a couple of pixels longer, but any attempt to add tilt to the hips will probably get lost under the layers of clothing and the lines of those extra belts. Twisting the hips would be lost with the shading of the skirt. I don't think that sort of contrapposto would work well. Maybe a dynamic pose with a strong line of action instead?
But really, if this is just for status, see if you can draw it from head to waist rather than full body. You get more pixels to add an expression to the face, you can still show some cleavage if they want the titillation, and you don't have as many elements of the costume to worry about.
Tourist