Wow! It looks so nice! This animation is great and character is cute, I want to play that game (when it finally appears)! 

Yep, color flip on the legs are intentional. Doing 'realistic' twisting of the legs to counter the arms during punching would be hard to read, especially for this animation speed. So swapping the colors imply shifting of the legs without changing the silhouette.

With the hair during backstep/lunge, this is the happy medium. It's only a few feet of displacement, so it doesn't need too much movement. But yeah, it does look off in the preview image.

Actual running/dashing animations (the next set of sprites I'll add to the character) will have the stronger hair movement you mentioned.

The second of the punches has a leg swap, which may not be intentional (The lighter leg becomes the darker one, and the skirt colors flip as well)

During the dashes, the hair could have a much stronger movement, though if it takes too long to settle down  afterwards into resting position, you may need more frames of animation.

Thanks! I wanted to have as few animation frames as possible so I could adjust timings in-game without having to draw too many blending frames.

I agree, the flash is pretty strong. My intent was to have an extra degree of impact for those frames, lighting depending on equipped gear.
I've removed it for now. I'll just add the effect it in-engine instead of on the sprite.

Nice! I like how fast and swift you make her move. The minor issue, to my mind, IMHO, the flash over the character is great to see once but will affect the player in game process not in good way.