A number of elements really stand out in this portrayal of the Fool: the Fool is female; the masks; the moon in the background; the diamond shapes that are embedded into the foreground of the image.
The fact that Lantz has made the Fool female really sets the tone for the entire deck: balance and androgyny--which Lantz (after reading the LWB) really tried to emphasize.
The masks do, in fact, reoccur throughout the deck, but making them such an integral aspect of this arcanum suggests the mask-like reality we live in: things are not always what they seem.
The massive Moon--which also reoccurs many times--suggests that the Fool is in a state of "unkowing" and has much to discover and learn (whereas, having the sun in the background would have suggested a level of awareness and enlightenment--not mystery and unkowing). Moreover, the fact that it appears in the Magician, as well, also suggests that the querent still may not be fully knowledgeable, but at least has the skills to start.
Finally, the Diamonds in the foreground--despite simply being an artistic element--is juxtopposed to the Moon, suggesting that the Fool has potential for unity and solidarity...with a little work and experience.