Yes, but often times, characters who get costume changes often are the ones who can never hold onto an iconic look. Example: Kitty Pryde, she changed costumes so frequently that she ended up holding onto an X-Men Trainee outfit with larger shoulder pads.
Like everyone else, I really like the design above. I think the face looks a lot like Olivia Munn. This is the route I'd like to see Betsy go, and hone in on her telepathy and forget the fighting so much. The cape might look impractical, but she can use it to her advantage just like she did in her Outback caped days.