I ordered a pair of pants recently that just don't fit. They are organic and fair trade and an awesome purple so I'd like to hang on to them. I'm trying to figure out if it's worth it to mod them. 

They are a little tight around my fanny and thighs. And a little short in both the legs (think = high waters) and in the waist (think = muffin top).

I have some black fabric I got from my late grandmother that I think will work to graft in.

And I've been a professional costumer so I can sew. Like a mad woman. 8-)

I have a couple of ideas:

1) Open the side seam. Add a panel of black the whole way down. Flaring this panel at the bottom to give the pants a cool shape. I would probably also add a panel at the top and bottom to give extra length. I can't decide if this will look silly or not. 

2) Add multiple panels down the legs, like rings. Would probably look less silly but may not fix the tight problem. Could so asymmetrical look, rings in different places on different legs.  

Ideas which would look better? Any other ideas?