Guess what? They shrunk in the wash!! Yay!
The arms are now the right length. The legs are a tad long but actually that may serve to keep my feet warm in bed. I'll let it be and see. If I find I am fraying the bottom of the legs, I'll probably end up just cutting the cute little cuffs off and hemming.
Thanks for all the advice. Sorry to say, I'll take the easy way out!