I decided that I had to take a chance with what I knew best: sewing. So here is the rescued jacket:
No before pictures of the "victim" but this is the same model in cream to show you how it looked.
Not a great pic sorry but it gives the general idea
Since it is a cotton yarn therefore a spring jacket, I clipped the sleeves just above the elbows. Then I used a blanket stitch to finish the edge of the sleeves with a satin blanket binding ribbon from my stash. While I was sewing the binding on, I stretched the knit to give it this lettuce finish. Then I added the same binding to the bottom hem.