Very good idea for a first skin, however needs some more work on those colours. Let me give a quick rundown:
- Cut out all the different materials in separate layers (cloth, metal, leather etc.).
- Blood Elves are known for mainly blood-red (red with blue tint) and gold, so instead of making everything red, you should keep the gold metal (and reference it with another BE model).
- You might want to add some other colours and seek a Blizzard reference, for example the bandages on her breast could be white.
There is also the Metamorphosis form for her, you could upload it as a separate skin (might earn more rep that way... plus it's more work ^^).