I'm going to be giggling at myself all day over this.
Is there any help for this outfit? Would a belt do the trick? Maybe one set higher, just under the bust? I could add some wide belt loops. Or, if I can't locate the scraps (it's been 14 years, after all) I might be able to do large buttonholes to thread a belt through.
I know I was about 15 lbs heavier back then, so I'm sure this is a size too big as well as being out-of-date, but I'm not sure taking it down a size (oy, the work!) would make it better.