That is indeed the Statue of Liberty in the color pic, and given the angle of the light in the picture, it is indeed her left breast that catches the highlights and the right breast that is in shadow. However, she is normally-bosomed (even moderately-bosomed) for a comicbook heroine. In comics, the bosom-to-head size ratio is startling. LL's bosoms are about 1/3 the size of her head, which is moderate in comicbook terms. She is not carrying her torch in the color picture.
She is wearing blue gloves with white stars on them. The gloves are a spandex-ish material, and the stars are leather, which is why the stars do not wrinkle, while the gloves do.
The dangly earrings have a VERY complicated explanation, full of techno-babble and difficult terminology. Basically, she just likes dangly earrings.

Even in the panel where she appears as a cop, she is wearing earrings that are substantially larger than normal police attire would indicate. She's modest, but has a definite sense of her own style.
On the question of hairstyles - one of the questions Lady Liberty needs to wrestle with as her story progresses is just to ehat extent has she "sold out," to become palatable to a white audience. The hairstyle is a part of that question. What does it mean to be black in America? What are the requirements, as far as dress, lifestyle, language? Religion?
I'm a round, middle-class white guy, and not especially knowledgeable about these areas. Maybe it's presumptious of me to create a character designed to ask these kinds of questions. But I am not coming to it thinking that I have some kind of definitive answer. I'm coming to it with a character who has to find her own answers.