Too bad you stopped at this stage, this looks ready to submit to the PJ gallery, if you were so inclined.
My opinion:
- I prefer the colours in your first post. Especially with the relatively busy background. It's a bit late to say now, but I also preferred the clean background without ripples, without having seen the reference. But if you're using the flag, I think this makes it even more important to make the character pop.
- Readability is particularly low around the face, I think. Maybe it's not a problem for people who are familiar with the character, but for me it took a while to appreciate just what I was looking at. This was also better in the original, maybe because the face had slightly less shadow and more constrast.
- I think the axe hand looks different from the rest. There's a dark outline around the axe hilt and the right hand.
- The chain links don't look connected, they just look like circles touching each other. I don't know if I can explain this properly without doing an edit, but each link hole shouldn't appear as a circle, because that hole is also partially filled by the two closest links.
Hope this helps. Finish this