The rise of wearable health monitoring has largely incorporated photoplethysmography (PPG), an optical sensing modality, to determine heart rate and blood oxygen saturation metrics by reflecting light through a user's skin. Due to its optical nature, this sensing method is strongly impacted by the skin type, body mass index (BMI), and general physiological composition of the user. In the context of self-powering, there is a need for these devices to consume ultra-low power, to not be dependent on batteries and regular charging, enabling continuous monitoring. This paper presents a novel PPG sensing model for both a custom, ultra-low power (ULP) AFE and the Texas Instruments (TI) AFE4404 which is used to demonstrate the design tradeoffs between system power and SNR. The models also incorporate a novel human skin reflectance component to analyze the effect of the user's skin phototype and BMI on these tradeoffs with the goal of demonstrating inclusive, accurate ULP PPG sensing. Measured results on both devices from 23 participants are included to emphasize the limited design space for enabling self-powered, continuous monitoring wearables.