Looks more like the second class uniform to me. But its still good. I like that you put Sephiroth's hair into a ponytail, makes him look younger and fits the SOLDIER ranking system. (Only 1st Class are allowed to use personal equipment). It's likely that Genesis got into SOLDIER right away though, so having him as a trooper seems out of place. All in all, nice job trying to keep it canonical.
The third class is the only one that wears blue clothes. The secounds wear violett uniforms. Zack is an exception there. ^.~ So my chosen colour is correct. And Sephiroth has also been popular as Genesis lived in Banora still. So he must be at least one class above him. So I guess.
Its really odd though, isn't it? In the original game 2nd class SOLDIERs were red and 1st class were violet while 3rd class was blue. Crisis Core seems to change this. Zack wears a violet uniform as a 2nd Class and a black uniform as 1st. There are burgundy colored second classes and violet third classes. Why there seems to be five ranks, I don't know.