Wow didn't realize Joaquin Phoenix was only around 5'8. The movie did such a good job making him seem really tall and lanky.
Unfortunately I'm not sure how much shorter you can make the figure with the jacket already being way too big as it is. Although it would certainly help make the head look more in proportion.
I think bringing him down to 11.5 inches (5'9'') would help immensely if he's a full 12 inches as a figure. Half an inch reads big on 1/6th figures. Would help the coat length too for those thinking its not long enough. Of course it will require a bit of tailoring on the sleeves and perhaps the pants (at least folding in the cuffs a bit). But having him the correct height is just the sane thing to do.
I called USPS and they say my box left ICS late and they are still awaiting "acceptance" at my local hub station -- likely will arrive tomorrow or Fri. Blast!