Yes, there have been instances of a female Loki in the comics. This adds diversity and complexity to the Loki character's portrayal across different story arcs.
Female Loki comics usually have a strong emphasis on her character development and relationships. They might explore her motivations and how she navigates the Marvel universe differently. Also, the art style often highlights her feminine traits and charm.
Well, 'Loki's Unlikely Ally' is a really interesting fanfic in this category. It starts with Loki being initially suspicious of Female Tony but as they work together on a scientific project that could save their world, they start to see each other in a new light. There's also 'Tony Stark - Female Version and Loki's Encounter' which has a unique take on how their personalities clash and then mesh in a rather exciting story.
Maybe Loki pretends to be a mortal female to infiltrate a powerful wizard's lair. He has heard that the wizard has a weakness for mortal women. As a female, Loki is able to charm his way into the lair. Once inside, he discovers that the wizard is planning to use a powerful spell to take over all of Asgard. Loki then has to figure out a way to stop the wizard while still maintaining his female disguise.
One common theme is identity. Since female Loki is often a different take on the well - known Loki character, exploring who she is, her place in the Asgardian or Marvel world is a big part. Another theme is power. How she wields her magic and influence in different situations. For example, in some fanfics she uses her power to change the course of events in Asgard.
A female Master of Death in such a fanfiction might have a complex backstory. She could have been an ordinary girl in one of the universes, but through some extraordinary events, she gains the title of Master of Death. In relation to Harry, she could help him understand the true nature of death and its implications in a way that Dumbledore couldn't. With Loki, she might be both an ally and a source of mystery, as Loki tries to figure out how to use her powers for his own ends.
One common theme is love and romance. Many stories focus on the relationship between Loki and a female character, whether it's a forbidden love or a love that overcomes many obstacles. For example, in some fanfictions, Loki falls in love with a mortal woman and has to deal with the differences between their worlds.
I'm not very familiar with this specific fanfic. However, generally, a fanfic about Loki and Thor might explore their complex relationship in the context of the Marvel universe. If Loki is intersex in this fanfic, it could add an interesting layer to the character's identity and how they interact with Thor.