I'm enjoying this pointy detail!
A scalloped hem would be darling as well (see here for a great tute on making a scalloped edge), though I'd probably do it as a full-on crop top with a swingy, less fitted shape.
Vero Moda blouse
And, of course, the mullet. This shape will long be one of my faves.
Refashioning projects like these are at the top of my to-do list. Can't lie, though - said list is out of control! What are your priority DIY projects for spring/summer?