As I understand it, it's pretty generally accepted that there are no photos of her. The Civil War buffs certainly have looked; it's hard to believe that they've overlooked any possible sources. On the other hand, new caches of vintage photographs do turn up periodically in attics, antique stores, and auction houses. Anything's possible. The latest book about the Alabama contains a couple of exterior shots of her that were unknown until a few years ago.
The truth seems to be that photographs of Confederate Navy subjects in general are few and far between. About a year ago some of my students and I were involved in setting up an exhibit about the C.S.S. Neuse, a Confederate ironclad gunboat whose remains are preserved at Kinston, about 25 miles from here. In one of the exhibits we wanted to include at least one photo of a Confederate Navy enlisted man. We looked pretty thoroughly in all the sources available to the North Carolina Office of Archives and History, and weren't able to find any such pictures whatsoever.
Youth, talent, hard work, and enthusiasm are no match for old age and treachery.