Since funding is available, I think there are worse things to spend it on than a piece of public art - and why not on a companion statue of Lady Hamilton to accompany Nelson? She wasn't only Nelson's inspiration, but also an Ambassadress and 'Patroness of the Navy' whose services were never recognised in her lifetime; and she was the muse of the painter Romney. Even if she had remained Emma Lyon/Hart and never attained fame/notoriety as Lady Hamilton, we would be familiar with her face through Romney's art.
It would be interesting to see what a modern artist might make of representing an historical figure who can't be studied in the flesh. I've mentioned before the statue of Nelson outside the Trafalgar Tavern in Greenwhich that was commissioned in 2005 and which I think is an excellent piece. It captures perfectly a Nelsonian blend of kindliness and authority.
http://tinyurl.com/3xu2n5xWhat would a sculptor seek to capture of Emma? Her exuberance and joie-de-vivre, I hope; her adoration of Nelson; her physical beauty and grace - quite a task!