A Good Villain should be just a Good Villain, period - whether be man - or if it can be pulled off - woman.
Whenever one thinks up traditional, crooked, rotten, remorseless, even murderous, "bad guys", that's what it is, bad guys.
However, it would take far more creativity and effort to make a credible lady criminal on a male hero title - simply because she would or could provide "tension" - see Catwoman in Batman, or Star Sapphire in Green Lantern (Hal Jordan), or as far back as Harlequin in Green Lantern (Alan Scott), or the "Femme Fatales" of the Spirit, who just as "plays" with him as much as they try to kill him.
For one, for starters, sooner or later, conscience could be placed in her.
I suppose, Superman's got Livewire, but she's always been one-dimensional as a supervillain, hot tempered and electrical powers. And when given up to three dimensions, she's walked the path of becoming a hero, even valuable ally of Superman, thus the conscience.
Another I've always felt was flat, one-note when as a villain, or more like a walking ancient curse, Silver Banshee; but was much more enjoyably read to me as three-dimensional, actually felt like a person, when she, Siobhan Smythe the human, manages control of the curse, even became Supergirl's friend in New 52 Supergirl.