Waterson is 5'3", fights at 115 lbs, and has lost 4 of her last 5 fights. She's never been more than an average MMA fighter.
Charlotte is the same age but is legit 5'10", was a D-1 volleyball player, and has at lest 30-40 lbs of weight advantage.
If it's a young, skilled MMA fighter then I'd pick that person against Flair. Waterson has lost a lot of fights, has never beaten anyone good (her "best" win is terrible Paige VanZant), and isn't particularly athletic for a fighter. She'd probably lose this one.