Nice find--good for you! I really like the alterations you've made, and I would also shorten the sleeves by a half-inch to an inch. To solve the torso problem Angie mentioned, I would consider moving the buttons: Try the jacket on, move the edge to a place that allows the torso to drape and skim your rib cage without pulling, then mark that place with a pin or chalk mark through each buttonhole, and replace the buttons on those marks. It looks like there is plenty of cloth; the buttons may even have been moved before to make the jacket tighter. Good luck--I think it will be great with a black skirt or dress. Or red!
I'm a happy thrifter, too, and given the low prices of things I find, I don't hesitate to dig in with seam ripper and pins. Once, after I'd seen some beautifully tailored (and very expensive) long velvet English jackets in a magazine, I found an espresso brown pin-striped velvet coat for $10 in a thrift shop. It was too long, had cheap metal buttons and an ugly half-belt in the back, but the fabric and silhouette were perfect. I removed the belt, shortened the coat to a flattering length, and used the leftover velvet to make covered buttons. With a pair of dark brown bootcut jeans, boots, a high-collared shirt and patterned silk scarf, the finished product was a dead-ringer for the Edwardian-style outfits I'd admired in the magazine. I felt very dashing at Christmas that year!