Rather than leaving BB with one less "favorite" to wear, I decided to turn this favorite dress into a favorite skirt.
This was a very quick and painless refashion. Here's what I did:
First I cut the dress in half, leaving enough fabric below the arms to make a waistband later.
Then I cut again, just below the arms. This fabric will become the waist band.
This "band" was too long for a waistband. So, I measured her waist and sewed the ends up to make the waist band one inch or so shorter than her waist measurement (because knits are stretchy).
I made a gathering stitch along top of the skirt piece and gathered it evenly. I pinned the waistband to the top with the right sides facing.
First I pinned the side seams to line up with the side seams of the skirt.
Then I pinned evenly around the whole waistband. I sewed the waist band to the skirt.
Next I folded the waist band in half toward the inside of the skirt. I top-stitched it down. Aaaaannnd... I did not photograph that step :(
Now we have an appropriate length skirt which is still in the "favorite" side of the closet... PHEW!