I marked the side seams and sewed a stretch zigzag stitch BEFORE cutting. Cut off the excess. Increase the stitch width a bit, and sew over the edge once again. I could use the serger here, but giving the Bernina more test runs.
To eliminate the bulky and wintery looking collar, do the same. Set to a stretch zigzag and sew along your marked/cutting area. Cut the excess. Add some lace to brighten it up! Pin the lace on and sew a basting stitch. Set to a nice zigzag/overcast stitch and sew.
Add some new buttons and you are finished!