So two thoughts.
First, I love the drawing. The tiny octopus is adorable (although I think the tentacles may as well just be tentacles of that octopus then rather than pool noodles -- maybe inflatable octopus tentacles? It makes the octopus toy seem more central to the theme that way), and it's great that you kept the tribal theme present in her leg tattoo and the patterns on her swimsuit. I'd recommend maybe tying a towel around her waist though and maybe keeping the gauntlets, as you want to make sure the character's silhouette doesn't change that much, and this makes her arms and lower body MUCH slimmer. Maybe put her in a sarong? Could be a good way to hit the fabric that makes her model's lower half bulk out while matching the beach theme.
The other comment is that this seems much more like Pool Party Illaoi than Lifeguard Illaoi. I'd expect a Lifeguard to have a more traditional red swimsuit, and likely carry a pool float instead of a toy octopus. If you're aiming for a Lifeguard approach, I'd try making her carry a floating buoy, and maybe have her tentacles hold those O-shaped emergency flotation devices and basically throw them/slam them down on the people she's "saving." Or make the tentacles into waves of water, so Illaoi effectively jumps forward, life preserver in hand, to "save" people her tentacles are "drowning."
