alter straight jacket into peplum

I have a very long, straight Talbot’s jacket made of wool or a wool blend and lined. I prefer a much shorter jacket length these days and was thinking I could try to convert it into a peplum style. By that, I don’t mean that it would flare out from the waist, but simply have a seam that defines the waist. I would probably also tuck in the sides at the same time or add back darts to shape it some more. Given the proportions of the jacket, I think it’s possible to do this without messing up pockets, etc. I was wondering if anyone here has ever tried to do something like this. Any advice? I can take and post a photo if anyone wants to see the jacket.
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