IN the other photos she does not read as cow hocked, which was my first impression. Actually, her conformation isn't bad. The withers are tall, but once muscled will look less so, and in all honesty, many Arabs are so mutton withered that getting a saddle fitted such that it'll NOT roll is a challenge.
Her neck has a good lenght, shoulder slope is good. She looks the tiniest bit back at the knee, but her canon bones are on the short side, both fore and aft.
I think she will be the proverbial ugly duckling into a swan.