1) The converses with the microchecks are growing on me.
2) I don't think it's masculine.
3) If the monogram bugs you, try putting a brooch over it (that is a hot trend right now).
4) Ultimately if you think the color is unflattering, and you find yourself never wearing it for that reason, then yeah.... probably time to let it go.
I also look better in blue-reds or blue-oranges (you can find this shade!), and I have a similar cardi (from BR - it has pink elbow pads) that I have yet to let go but probably should. It seems it works with just one skirt, with a pink top underneath.
Back when I bought it, I seem to recall that my hair was also a different shade. I don't know if you color your hair at all - I do highlights and low-lights because if I didn't my hair color would be this ugly shade of blah. Over the years I have found that sometimes the shades of the highlights can make all the difference: if I go with warm tones, I can wear oranges like this much better. If I go with more neutral tones, then blue-based tones look better. With all my hair-color experiments, I've ultimately decided the netural tones look far better on me than the warm tones..... and learned that it really, really helps to wear a white top when you go to visit a new hairdresser.
(okay I got to rambling and going off-topic... sorry)