As far as CERO treatment of scantily-clad characters go, it's an odd case-by-case basis, but the most consistent cases I've noticed is that the entirely human (or human-looking enough by appearance) ones whose thigh exposure is comfortably too close to supposedly exposing the ahem, "panty" area, gets censored. Cleavage censorship is even less consistent, as a handful do get that (often with aforementioned thigh covering up), but several others don't.
So in light of that, the best thing Shantae has going for her is that her bottom half wardrobe is no issue at all. At most, they'd just need to lift her bedlah pants up slightly and not be opaque.