That's exactly where I would rank it. It's not bad in a bunch of ways - the lines of the stummel are not bad at all in my opinion, the curves are nice, the overall shape is pleasing. The stem angle is simply not right and that's because it leaves you with the impression that the stem angle is nothing to do with the curves or overall shape of the pipe. A snail with a stick rammed down it's throat, to put it one way. If the sweeping shape of that stummel is carried on with the stem with a little grace, rather than the stem just being a hard line angling off of a flowing curve.
Part of the angle situation is that the stem looks like it ALMOST wants to come out the other side, in the middle of the curve, rather than pointing down along the curve. You COULD use that angle but it would have to enter the pipe 1/2" lower down.
I drew in a couple stems - the colored lines indicate the center of the shank and the approximate angle it's at. So the angle of your stem works, but it's well off-cneter of the line in the pipe that is at that angle (if that makes sense). Drop your stem 1/2" and it is now lined up with the pipe, so to speak. OR you can put the stem in higher along the curve, but again, to look right, it needs to continue some line of the pipe (I popped a curved stem on this time because the angle is enough to need a bend now). It's not that either of these ideas is right or wrong, but the execution of the idea, the composition of the pipe depends on it.
That's my take on it anyhow.
It's much much easier to get some little thing "off" than every little thing "on" with such a pipe, and that's why the masters are masters. But it takes a lot of practice, which is what you are doing.