Thanks everyone for taking the time to weigh in!
KMM and Gigi: These can't be hemmed because the bottom is a welt like you find at the bottom of a sweater. But! I'm wondering if this is something that might shrink after washing and a little drying. I wouldn't do it pre-emptively since this was a fairly inexpensive (under $30) item and I'm not sure how it will launder.
Shevia, yes, I'm a little nervous about the quality. I am wearing them around the house today with the tags on, and if they sag and bag out I will be returning them.
Runcarla and minimalist: These made me realize how "not quite 100% comfortable" most of my bottoms are. The super high waist feels so secure and does not bind at all. YLF has made me realize what a freaky unicorn I am that way -- but perhaps that also means that I will be able to buy such high waists at a big discount!
Column: Interesting observation about leg hem length, as I am 5' 1" with the world's shortest legs and muscular calves. Last night, I realized I have a pair of pants with an identical cut that I hacked off awhile ago but don't wear much because I feel others will realize that I melted the hem, plus it has an elastic waistband that is lower than I prefer. These pants are exactly the same length and width!
Katerina: Glad you like my silly, super comfy rain boots! I tried my regular thick soled combat boots, but they didn't work. My loafer mules, seemed to work, however.
Since I have Angie's blessing. I'm leaning toward keeping. . .