Far as the design itself goes, the ponytail looks to me like an overdesigned messy piece of crap. It's like they saw a wuxia movie where someone used a ponytail as a weapon and decided "but how can we make it SUPER EDGY?". It looks like something you'd see in a Top Cow series. Makes zero sense, as do the dinosaur spikes on the sides. And the rest is trite, generic ninja shit.
Now, if we're talking about the design as it fits the character, it doesn't at all. Starting from the fact that this is the first Lady Shiva design where she's covering her face, something even Jim Lee didn't do. Then giving her a trademark weapon, which she hasn't had since the 70s, and back then it was just a sword. Also, the ponytail was actually made for another character, and the editors decided to give it to her so she could look more menacing, which again, is not something she ever really needed.
So to me, it's just a bad design that's also a bad fit for the character.