Vegeta having both SS1 and SS2 prior to 'Majin' doesn't sound appropriate. Vegeta's SS1 and SS2 are way too similar to deserve separate forms- SS2 wouldn't really award the player anything vastly different, skill-wise. SS2 'Majin' Vegeta (the character), on the other hand, boasted some never-seen before skills and attacks that complimented his new attitude and nature--so don't hold back with Majin Vegeta! (Goku and Gohan seemed to have more to offer in their SS2 forms next to their SS1 forms, and what we see plain SS2 Vegeta do; iirc gets beat up, fires generic ki blasts repeatedly and fights using no skill or technique ((vs. Kid Buu)).
In ESF, technically, Vegeta would be the strongest Super Saiyan. I say leave it that way. SS and "Super Vegeta" are great- I would have loved to see a Super Vegeta doing a Final Flash in ESF. But, it seems they're going the 'Buu' route in 1.3, with the blue suit and Majin power-up.
Majin Vegeta is a savage beast. In every game I've ever played that featured him as a playable character, he was a total annihilator with an endless pool of ki. If the team is serious about implementing 'Majin' Vegeta into ESF, there are several things to consider. For one, he should visually be different than his other forms. I'm referring to idle stances needing to be shouting and pounding out that sinister-whacko Majin Vegeta mood and energy; Hyper Dimension did a good job of recreating this, by giving him a unique idle stance that made him ooze sicko **** and slick killer:
"Vicious Head Butt", "Hunched Appearance", "Savagery"
Another thing, would be making sure all of Majin Vegeta's appropriate skills are available:|("Atomic Blast", "Compact Final Flash", "Final Explosion", and even entirely new animations). I'm talking about making a rather regular "semi-mellow" SS Vegeta turning into a near completely different character, with a whole new skill tray, appearance, and a massive pool of energy to boot. If we're looking at the story here, that Vegeta that appeared in Babadi's spaceship was still progressing into a good guy, and then Babadi's magic did a whole 180 on him, so it's safe to remember that when a player chooses Vegeta in-game he should be a lot different personality-wise to his 'Majin' counter-part. Which brings me to another question; (Does Vegeta mysteriously get an 'M' stamped on his head without Babadi being present?)
On to the model: Well done Vegeta. The first pose is the best, clearly, because it's rather accurate and shows off the model from the perfect angle. You guys generally make Vegeta super stocky. I know that's Vegeta, but if you made him slightly larger and more slender it may make the animations look more fluid,.. or less clumpy - his arms could be longer (refer to that image you originally used as reference to make the first pose; he's clearly taller and more slender there).
Just, please take into consideration some of the things I mentioned about Majin Vegeta. Don't disappoint, guys. And I know you won't. That's my 2c.