I own a Freddy and am a potential buyer. I like the direction you're going in but I believe that particular picture of Freddy is from the newest remake movie. You should pick a picture of Robert Englund as Freddy.

I love that you are using the sweater. I think that's a good idea. Perhaps consider incorporating the claw marks, perhaps like in this photo?

https://www.google.com/search?q=freddy+scratch&client=tablet-android-sprint-us&prmd=vsin&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjq96Dg2efKAhUBDT4KHbQxCrsQ_AUICSgD#tbm=isch&q=freddy+claw+marks&imgrc=YlspHtXW6px1DM%3A

That particular claw image only has three blades, while Freddy's glove has 4. But yes, to answer your question, that is a good direction to go in. If you do use the sweater, if it's possible to make it look worn, have holes, or partially burnt, that would be a plus. Another concept could be incorporating fire. Or the use of the children's souls.

EDIT: I looked closer, and do see you did make the sweatet look worn.

There are some amazing images at this custom Freddy Glove website: http://www.razorgloves.com/

These are not officially licensed. I do not know if you are allowed to use these images, but you should at least be aware of them.