Much much better than the one before, however once again i see the issue here with the wrists, the bigger arms ending with the smaller wrist makes it look very off, which i do get since you do have to model over his clothes. Instead of having that small part however, i would suggest either same as before, rolled up at the wrists, or at least thickening that part more to make it a bit larger

Prime example of a good cosmetic, adds to the default model and doesn't model over the whole damn thing. This is how you make good TF2 themed items.