The Splicer models in BioShock 2, for the most part, seem to be based on the models from BioShock 1, envisioning those characters after 10 years. So the Lady Smith from BioShock 2 is the equivalent (the upper-class woman) of Lady Smith from BioShock 1, just like Toasty is the equivalent of BioShock 1's Toasty.
Rapture_Reminder, the Splicer model was called Lady Smith in BioShock 1. There was also a model called Baby Jane (the young lady model).
Here's an article from the old version of Cult of Rapture about the "new" Toasty. We can assume, seeing as how the new female Splicer is called Lady Smith and there have been glimpses of doctor splicers in BioShock 2, that this process was done for several of the BS1 models.