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Her origin is never really delved into in much detail. She presents herself as a femme fatale which suggests a darker past.
Created by Milton Caniff as a spin-off of Terry and the Pirates in 1943.
The character appeared very briefly in comics as she did not prove to be particularly popular. At the time much of popular culture was dominated by the femme fatale character, in movies and in novels, and thus it was both not uncommon for a femme fatale character both to be conceptualized and then soon prove to be unpopular as the culture was flooded with many such characters. Thus Miss Lace was no different in this regard as for every popular character there were many that were not.
Major Story Arcs
Comics at this time were not serialized and thus there were no definable story arcs (not to mention the relatively short run which she had in comics.) This format meant that the characters remained mostly static with with little development outside of their individual stories, each story acting as somewhat separate from the others, to the point that they could have even been completely separate characters.
Powers and Abilities
Though it is insinuated that Miss Lace is streetwise and savvy, as with most femme fatales she relies mostly on her looks and manipulation to accomplish her goals.