This vid is hilarious:

Frickin love this guy (if you ignore the sponsorship plug) and the intro he did. Cause I'm an avid watcher of Law and Order: SVU.

Anyways, the jist of it is that Sophia Di Martino IS playing Lady Loki, but it's actually MCU Loki's spirit in that woman's body. Basically once he died, his spirit passed into her, and that's why both Loki's can exist at the same time because multiverses and timeline jumping.

But then I thought

"Oh wait. Olivia's in here, too. There's two Loki's. One of which knows what happens in the future."

Assuming the theory is correct, I'd assume that Lady Loki is extremely worried over Olivia once they meet up cause the last thing she remembers is her old self dying and leaving Olivia behind.

So, art:

I had crappy quality set pics, so this is what you've got (I.e. Lady Loki's shirt is off, but whatever). Idk, I think it's cute

Base:

Really hope that theory is correct cause that'd be really fun to watch.