To frog or not to frog...

I have a cardigan from Ann Taylor Loft (100% cotton) that I like, but I don't like like. I mean it's cute and all, but I think it could be cuter. A little more form-fitting. A little more bolero-esque.

So after checking out a few sites around the 'Net, I've discovered that it has the "good seams" for ripping. I really like the texture of the yarn and the color, and since it fits big and baggy now, I'm guessing there's plenty of yarn to make a cute little girly sweater. Or bolero. Or shrug.

So, to frog or not to frog...that is my question. Or a more accurate question, am I a good enough knitter-er to do this...