100% agree with the bolded. THAT is the direction to take the Ultra-Humanite back to the upper tiers of super-villainy.
I'll add another wrinkle: Delores Winters becomes the original identity, and Gerard Shugel is now her first victim ... or just a pseudonym she made up to avoid sexism.
In a couple ways, a Delores Winter Ultra-Humanite is even more polar opposite to Superman than even Lex Luthor.
Where SuperMAN is explicitly Male, Ultra-HUMANite is implicitly non-gendered (appropriate given the mind- swapping). Where Supes is non-human raised human, Ultra is human transformed to non-human. Where Supes' powers are physical, Ultra's are mental. Where Supes operates in the open, Ultra relies on not being noticed until it is too late to stop her. Supes' arsenal of powers are neutralized in their effectiveness against her, as he can't stop her by anything other than his wits.
Ultra should be a telepath of the highest order, on par with Charles Xavier and J'onn J'onzz. Maybe she can't read/ swap Kryptonian minds, but she can temporarily swap minds with any human or animal (tho that is much trickier and dangerous for her).
C'mon, we have so few worthy female super-villains as it is.
Delores Winters as the true Ultra-Humanite. Specifically created for Superman and his franchise. Make it happen, DC.