That works well actually, both for the male and female. In this case, regarding the breasts, that works well without changing the pose. I just meant that you could change the pose as a last resort so that a breast could show in the silhouette if you were having trouble representing them from the front (i.e. by putting her chest in more of a side-view or smth).
That being said, clarity is more important than practicality -- bottom line -- especially in very small sprites like these. Since you have very little space to work with, every pixel must count towards characterization and/or the clarity of the form, and those must be simple and readable.
At first glance, for example, the guy's new stubble beard isn't clearly readable since it's almost exactly the same value/intensity/lightness as the skin color on his face, so he might as well remain clean-shaven. This sort of missing contrast makes it even hard to tell where his chin ends as it appears to run into the breastplate area at first glance as well. The solution is to either darken or lighten the skin or the stubble to give it more contrast when compared to its adjacent pixels.
Following that, the reason why the Street Fighter sprites in your link read so well is because they have high-contrast color schemes. Each palette entry is very distinct value-wise, so when squinting to look at the sprite, you will never see portions of the sprites that appear to blend together.
That being said, the key is ensuring that your sprite's adjacent clusters look distinct enough from one another in terms of light and dark (try putting the image as greyscale to check how distinct your color intensities appear next to one another if squinting doesn't work for you).
