All looks good. The ghost image looks real. The gems aren't holographic but I'm not sure if they're supposed to be.
Unfortunately the UV seems to be very dim. I have to hold the light at a weird angle to even see some of the features. My UV light may be too weak but I could see this causing issues if a bouncer/bartender has a barbook with the Arkansas UV features. The two main UV features are there. The initials and the ghost image both look excellent!
Overall: 8/10. I think the UV could be improved, and maybe a little more care with the overlay bubbles, but this is honestly a very solid ID.