The jacket was unwearable, and I seriously considered putting it out with the trash. It would not even be suitable for use as a cleaning rag. But then I decided to try to save it, at least wear it once or twice. So I removed the bottom parts of the sleeves:
It's still not gorgeous, but at least it's weable. This photo shows the edges of the short sleeves pinned but not yet sewn.
I'm going to try making this same jacket using a softer, drapier fabric and see how it turns out.