Empire waist or wasted effort?

3rd dress: This one is an easy fix, just a little too big. 

 Question is do I just stitch up the gaping neckline for modesty, leaving the buckle at the waist and the length a little long?

Or do I raise the whole thing up at the shoulders: raising the neckline but leaving it in its original V shape, bringing the buckle up to be more empire waisted and effectively shortening it a bit?  Is the difference even noticeable or will it be a wasted effort?

 For my height, do I need to shorten it even more to above the knee with either way that I go? It is a very stretchy polyester knit.