Phase Spider, Standard = 32 HP. That's a CR rating of 3.
That means, a party of 4 level 3 characters will have a moderate difficulty defeating 1.
Add another, so you have 2 phase spiders. Now add a homebrew version with 4 times the HP?
But you can only be level 4 at max right now and likely WILL only be level 3 or 4 by the time you do this encounter.
Hmmm... She might be too OP UNLESS you nerf her other stats and unless you severely nerf her minions.
When I first played this game, she was not nerfed. Neither were her minions. I was at level 4. Had to reload the game over a dozen times trying to beat her.
So, they nerfed her in other ways as well as her minions. If you unnerf her minions and such, you'll need to reduce her HP. Otherwise, sure. Don't use proper stats and leave her HP where it is.
Let's put it in another way. A young white dragon is CR 6 with 133 HP. Stat-wise, that's the closest monster I can find to the matriarch. You encounter the spider matriarch in Blighted Village which you could face at level 3.
No one should ever face a monster with 125 HP at level 3 or 4. She alone should be CR 5 or 6 meaning if you were to face her by herself with a party of 4, you shouldn't face her until you're at least level 5 or 6... And that's by herself. Throw in a couple of standard phase spiders and you should be level 6 or 7 before facing something with HP 125.