I don't remember the ass shots (there's another one in these scans) being as gratuitous when Perez drew her in this costume, and it does make a certain amount of sense that she's doing the gypsy thing. Also, it may just be because I was a teenager when Elektra first appeared, but I always got the feeling that Frank Miller meant her to be going commando, although I don't know whether he made it canon one way or another. (Other artists have drawn her with panties under the loincloth, the bastards.)