What to do with my Hot Lava Cardi

Last night as I was knitting Orangina, I decided to throw on my Hot Lava Cardi to see what I wanted to do with it. I bought my buttons and already marked where I wanted to put them, but I'm having a dilemma with the collar (see this entry under "what the heck is this pile"). So I was knitting and watching the game and my first thought was, this thing is super warm! My second thought was, it doesn't look so bad, even with this t-shirt I've got on under it. So I'm thinking, maybe I should just keep it as is instead of ripping it back and figuring out how to reconstruct the collar. I only have two issues with keeping it as is.

1. The fabric gets pulled at my shoulders which causes the stockinette to look like ribbing (click on the picture to see the notes).
2. There's excess fabric at the back (see photo's below). I think that's probably because I knit the medium size which makes the sleeves a little bit wider, which in turn makes that back portion wider too. But now that I think about it, even if made the small sizes, the small size was only 2 stitches narrower.

So what do you think?