Okay, I'm not an expert, and I can't tell for sure from just one picture... but why should I let that stop me from giving an opinion?
She looks okay to me. Her back looks long and narrow, but there is no major indentation at the waist, which I would expect with a seriously underweight dog. Have you touched her? You should be able to feel her ribs, but they shouldn't be jutting out.
Her coloring is really nice! I say go for it!
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What's that thing in front of her face?