I admit the poster was looking for alterations suggestions, so it's maybe a bit off topic to have talked about keeping it.
But it is the fashion versus style debate isn't it?
The fashion industry exists by persuading people that something you thought was great before is now 'wrong' and to be smart it has to be longer/shorter/wider/brighter/black whatever . . .
We allow ourselves to be bamboozled into changing things frequently, even though some shapes simply do not suit our body shapes for example, (and yes I know 40 years isn't frequent).
Style on the other hand says "This is what I like, this is what I feel good in, this is a really nicely made piece of clothing and I'm rocking it!"
Just wanted to point out that is a whole other stream of thinking than the one that says - "this was in fashion years ago, so I can't possibly wear it now" - you know?
Leila