Great start, elvis. As always, I'll be watching eagerly.
For me, this figure has become most frustrating. I finally had a chance to strip him down today to get a good look at the Toys Era clothing. The suit has all kind of issues. Its not just a body swap and a little tightening here and there. I think I may be better off waiting for a better 3rd party suit rather than destroying this one trying to mimic the movie suit. I mean, the work required to make this like the suit in the movie is much more than I suspected.
In the movie, besides the maroon color, the pants are very high-waisted almost like ballet pants but with a very low crotch -- the thighs to the knees are fitted but then let out to a definitely bellbottom (if you have the disc, I recommend you watch the stair dance). The jacket needs to hang down straight -- which the TE can't because of the "hard" lapels -- its cotton and has no sheen (unlike the TE), and it seems to wrinkle easily (not spongey). And the sleeves are slender with wider openings (the exact reverse of the TE sleeves).
On the plus side, once the jacket is off the body, you can see from the back that the jacket really is quite narrow -- its the strange "hard" lapels that force the jacket outward so it looks bulkier -- that and the base body shoulders pushing the jacket shoulder out. A narrower body where the sleeves drop straight down will work except that the spongey sleeves won't hang straight down unless weighted.
For now, I'm going to hold off on reworking this figure. I don't have a body that will work, so first I need to find that. Then I'll have another look to see if I really want to give this a try. I fear just ruining it altogether. OR making a half-assed version for myself and then someone releases a very affordable Joker suit that's perfect.