A little late for the bandwagon, but I have finished my first February Lady Sweater. You'll find the free pattern on Ravelry and via flintknits as well. My original plan was to make the sweater a length similar to the photo on the pattern. As I showed the work in progress to a friend, she commented that the waist length looked so good on me.
My goodness! All I wanted was a bit of encouragement to get on with it. There I sat, thinking that I had probably 4 more repeats of the lace and the 1.5 inches of garter left to work. Well, that little thought went totally out of my brain only to be replaced with a new thought. If I stopped at that point and did the garter border - the body would be finished and hit at about my waist. (And here I am meaning an old lady waist. Not a flitty young waist. )
So that is exactly what I did. I took the observation of another and turned it into advice worth heeding. I am loving the result.
Having shortened the body, the sleeve length seemed obvious and well balanced just above the elbow.