One thing I should have told you yesterday is that this picture was taken with the excess fabric pulled back and fastened with a knitting needle. In other words, the sweater is a lot baggier than this, but you can still see the drooping dropped shoulders and the excess length.
I hacked the just-finished pullover apart yesterday, removing all the body and sleeve side seams and then detaching the sleeves themselves. Next, I addressed a concern voiced by AmyPinSeattle in a blog comment that if I remove two inches on the sides, the sleeves will move up two inches - and will therefore be too short. She's absolutely right. So I began the surgery by cutting off the sleeve ribbing, knitting another two inches in stockinette, and then finishing off with the three inches of new ribbing. Amazingly, this only took a couple of hours to complete both sleeves. I spritzed the cuffs and let them dry overnight. The sleeves are as good as new.
Now on to the front. Starting about an inch-and-a-half above the ribbing, I snipped off the bottom of the sweater and carefully picked up the live stitches. Next, I started K2P2 ribbing. This time, I'm leaving out the pretty patterning on the ribbing. Other knitters have made this alteration (here's an example); in fact, at least one yarn store owner is instructing her customers to abandon the pattern ribbing to eliminate the bagginess and tunic-like feel. This revision will work better for Tom, I think.