Bleed, I think the likeness is good enough. With textures in place it should be even closer. His face is going to be partially obscured though, so the risk of him looking too "off" isn't too great either way, I think. He definitely looks close enough for you not to have to continue if you're not enjoying it or expecting to improve.
I think the body sculpt needs quite a bit of work, though. The folds in the cloth look too random, both in terms of placement and thickness. Generally I think the folds should be thicker and more angular, with thinner folds (=more layers overlapping, not thin ridges across largely flat surfaces) reserved to areas like the elbows and knees where the fabric would be more scrunched together.
THIS is obviously not a perfect example since you can tell that the uniform was just unfolded for the first time, but it ought to give you some idea of what I'm talking about at least. Also the sash looks especially random - I would expect it to look more like
this or
this.
I think the clothes could use more volume, as well. The top looks almost fused together with the pants, and the sash is hardly affecting the silhouette at all. Even if the top is not extremely billowing, there still needs to be enough fabric above the sash for his upper body and arms to move freely - but more importantly, it looks less boring.
Also, the black collar may be throwing me off, but the transitions between jacket -> collar -> undershirt... thing looks pretty flat. It should be obvious that he is wearing several layers of clothing, and not some weird karate hoodie. The fact that some of the creases seem to travel from one layer of fabric to the other is certainly not helping either. You can't really tell from the sprites, but looking at the flyer with Raiden and Kano you can tell that the collar is standing up behind the neck,
like so, but in your picture it looks like he has a much wider, flatter collar. The hood itself is also rather confusing. It seems to behave very differently around the head/neck than it does around the chest. On a final note, I think the wrappings on his wrist should go further down, covering the wrists entirely, like in the flyer. I'm not sure if it's 100% accurate to how Carlos wore them in the game, but just looking at the model it looks ever so slightly awkward.