That's actually kinda what I was thinking. Take the "bow" and make it into wide strips of gold embroidered trim on either side. The top part of the bow could be a peplum (like on the doublets of the time) if I really wanted to keep the gold fringe.
I know they had lots of smaller bows during the Elizabethan age on either side of the forepart but I haven't seen a big bow like this one and I have no idea where the costumer got her inspiration for it. However, I love light blue and this is just too pretty with some tweaking!