Should I tailor this overcoat?

I needed a second overcoat, since my main one is too trim for layering or over suits. I picked this one up from ebay. The first pic is over a sweater and the second two picks are the same sweater plus a chore coat. I’m debating if I should try to do the following to it: 1. The arms are definitely long. I think this alteration is a gimme but will the cuffs make shortening the sleeves trickier/more expensive? 2. The chest feels a little large, which I guess was the point. It doesn’t look too bad in these photos, but it feels a little awkward - like raising my arms, it feels like the coat is hinging at the wrong place. 3. The shoulders have a 80s power suit silhouette. Could I take out the padding, if I decide the look doesn’t work for me?