How do i alter this?

When this fabric came in the box, I purchased extra and made the walkaway dress, totally forgetting to narrow the neck and shoulders. Duh.

As it has a circle skirt I hung it up so it could drop and never got around to  hemming it. 

There isn't much I can do about the neck, but I can put a pleat or dart in the shoulders. The issue now is that I have lost weight and the skirt no longer meets in the middle, but overlaps by around 5 inches. 

Any ideas other than remove the bias binding, cut and redo? 

Hi Karen... Hmm tricky one! I haven't made this pattern so a bit tricky to work it out, but if you cut the bias binding off, instead of unpicking it, would that essentially help to make it smaller when you re-sew it?