Except the women in that photo is supposed to be Azian, and she's dead.
There might be some elaborate name-changing switcheroo at work here, but I'm going to take it at face value that Alyx's mother is indeed dead. Besides, I'm not seeing much of a resemblance.
The mother of the Vance family may very well be dead, but that alone doesn't at all destroy the theory that she's the protagonist in Portal. Nowhere in Portal does it make any reference to time, it could be at the end of Portal (assuming your character is Alyx's mother) that she dies, after the gigantic explosion, as it is left open-ended what may happen next, if anything. Also, the picture and the model for the protagonist in Portal are of extremely different quality, so it's heard to make anything but a loose connection between the pictures relatively poor quality and anything else.
Perhaps, but... I'm really not seeing the resemblance, even despite the differing image quality. I dunno. I just don't see the importance of bringing her back. Maybe I'm taking the "never before introduced" label too literally, but I'm confident it's an entirely different character. Kim Swift said herself that they simply chose the model for Chell out of a lineup for simply what looked best. If they were trying to build her up as Azian, I would think they'd go back to established material.
I think the original male model was just a placeholder, possibly a red herring. Or maybe the newly-acquired vagina at Valve's offices resulted in the epiphany of having a female protagonist.