How about if you pin it first, very carefully with small safety pins, to make a new seam? Then try it on and see what you think.
There has to be a tutorial somewhere.
Maybe on craftster under upcycled clothing? Or maybe if you google how to make an A-line skirt, and how to make an A-line skirt with gauze?
Maybe a tiered skirt? There are lots of tutorials on making a tiered skirt...you'd lose a couple inches for the seams, but it would be the least work.
Hey...would it look okay with a denim top, or is the fabric too fancy for that? I saw a really pretty one the other day that had sort of a denim miniskirt with a thin fabric flaring at the bottom. It looked like it could have been made from a pair of cutoff jeans. The denim wasn't cut straight across...it came down to a point on each leg, front and back, so it had sort of a bias skirt effect.