Stunedge very clearly stated in his post that Wiping All Out plays for mirror matches between P3 female characters. Liz's theme is most likely still Battle for Everyone's Souls.
EDIT: Also, I'm not going to jump the gun and say RIP Elizabeth in P4U2. In loketests for previous games, the characters that have seemed really weak during loketesting have ended up being strong. (ex: Litchi in CS, Noel in CS2)