Waist needs to be nipped in a bit to help everything stay up where it needs to be. Interfacing, lining and closures will help with this, too.
And holy cannoli, that's about 8 inches that need to be taken off the bottom. Jeez. With that taken off the bottom, I will definitely need to take the legs in so the overall proportions look right.
So, tell me, what should my fabric be? What lining should I do? What sort of closure? Zipper? Buttons? Zipper/buttons combo? I have $60 burning a hole in my pocket and all of the L.A. garment district (oops, sorry, Fashion District) lay out before me...