OMG! You stated everything I've been thinking about this skin. Ive owned masquerade for quite some time. I was blown away by Shadow Evelyn's model update, and was super excited when I saw the splash art for Masquerade, but when images / videos were released of it, I felt a sense of sadness.
The old art, was "sexy" simply the insinuative nature of her posture, but the update splash is sexy on an entirely different level. It has a much more "subtle" / "teasing is sexy" aura about it! Everything from the inviting posture to her sinister yet enticing facial expression is alluring and makes this skin interesting. I feel the in-game model while ok, does not accurately depict the splash.
Like you stated, I think the hair needs some work. A little less "volume" would go a long way, and my biggest complaint are the outfit colors. Currently, it is far to dark purple and plain in my opinion. It needs a splash of that pink tone and some texture added to it. The dark purple is much more in line with the original skin, but less in line with the current splash which is what really sells the skin at this point.
Anyways, just my two cents, maybe others like the dark purple, but to me personally the magenta tone is not only a much more enticing color, but it also embodies the essence and visual appeal of the splash while the current updated model's palette does not.
Maybe we'll get lucky and they will make some modifications! ^.^