Well their was a topic about this a while back. It is assumed that she will be bare breated with her hair covering them. While below the waist will be covered in blood. If thats true then I can see a lot of people taking their remarks back for "not wanting a remove blood" option in the game.
Better be full nude. If you are going to tease with a naked costume just do it, no need for an "oopsie my boob is hanging out" Just show them, no big deal. The whole point is for the nudity, so making it 99% nude is just a cop out, rather not do anything if not done right in this case.
Street Fighter 4 is the hardest fighting game to establish your own unique style in - Daigo Umehara