What can I make out of this dress?

What can I make out of this dress?
A while ago (two years) I got this dress, and while it’s beautiful, I hate the sleeves and the neckline are too large for my taste, and I can’t return it. The arms has lacing, and feels very uncomfortable, so those has to be changed. The back of the dress also has lacing, but that I want to keep.
The fabric itself I love. It’s a comfortable mix of Cotten and linen.
So, I have decided to cut it up and make something else out of it, I just don’t know what. Any ideas?

It would be fairly easy to cut off the sleeves at the top the of the lacing and hem them to be short sleeves--either turn under and hem (will be a bit sloppy) or use bias tape to hem.  Then if the neckline is too big, use a large piece of the cut off sleeve to make an inset at the neckline.  I did a very quick photoshop :)  

Or just make a skirt of it?  If it doesn't have pockets yet, add some too!  

I think what I envision is called a waistcoat. Sort of a long vest where the top half buttons but wouldn't have to, and the " skirt" half doesn't. It would be meant to wear over something else like a tunic and trousers. The detailing feels very Ren faire!

I'd make it into a skirt and a vest/laced sort of corset thing and have all the pretty parts used on it.