That's a really lovely design, and the most important thing is that it resonates with you. My first piece, over 10 years old now, a lovely little knotted Celtic dragon that I'd fallen for immediately,I did almost on a whim, which wasn't the brightest idea. I still love it, but wish I'd talked to an artist beforehand, because it's faded and mushy after a decade, since there's so much detail, and I'm not sure how to fix it. rarelytame's advice is worth gold, and hopefully you can find a local artist you could talk to and work with before having anything permanent done.

Placement, it would be a beautiful back piece, but that does set it apart from you somewhat; I wouldn't put my Great Wave anywhere but my lower back, but I sometimes wish I could see it directly, and up close. A friend with a small piece over her heart says it looks fairly different depending on whether she's wearing a bra or not, and oh, do the breasts sag as we age, so take that into account, too.

I second the idea of a trial run--if you have an artistic friend, have them draw the design on you with washable markers, in a variety of places. That's what I did both for the wave and the kelp on my foot I'm having done in a week (a week and an hour, in fact!), and it's a great way to get a feeling for the whole thing.

Best of luck with it, whatever you decide!