Our love was just one of your discarded jewels

So, there has been some debate over this dress. Now in retrospect I don't think the pictures on that page do it justice. The debate is over me wanting to take some off the length and remove the collar, my. My nan (she helps me with the alterations and so on so I don't mess everything up) says to just leave it as it is. I think that it looks lovely as it is but I would never have the occasion to wear it in its current state, so my question is should I leave it as it is and let it be a lovely vintage find or should I alter it and make it more wearable?

I'm going to leave you with some pictures because I dislike picture-less posts