I'm really, really, really happy with the results of this refashion. This dress was from my bag sale haul last month.
Here's what I did:
Removed the shoulder pads.
Removed the sleeves.
Cut approximately 8" off the lower hem.
Sewed in the upper bodice along existing vertical panel seams on the sides and front. (for better shape and skirt fullness).
Dress: vintage, thrifted ($0.30)
Shoes: H&M, thrifted ($2.50)
Cost of project: $0.30
Cost of my entire classy-to-the-level-of-Kate-Middleton outfit? $2.80. I think this is a cause for celebration. :)