You know, my suspension of disbelief can take a lot of stuff, especially in a cosmic superhero setting. But I cannot believe that Carol Ferris, a strong, no-nonsense businesswoman who has mostly been very well-grounded, would fly around the universe in that particular outfit. I hope the Zamarons put a mental whammy on her again to join their corps, because sheesh.
Also, the "lost Sapphire" could either be Deborah Camille Darnelle, the Sapphire who was with the Secret Society of Superheroes and whom the Spectre apparently killed in Infinite Crisis, OR it could be the golden age Star Sapphire, a Jay Garrick villainess from another dimension whom Mark Waid tied in with the Zamarons in his Brave and the Bold miniseries.