When choosing a wool suit coat, keep in mind that you won't be able to wash it. Suit coats are dry clean only. I do not take mine to the dry cleaners before I cut them up, that would be expensive. Before I purchase one from the thrift shop I make sure that it doesn't smell like cigarette smoke. I place it in the dryer with a couple of dryer sheets and that usually freshens it up a bit. There are also home dry cleaning kits, they work well also. It is also important to check for small holes from moths. although, they can be covered with the yo-yo's if placed in the right location. Besides the suit coat you will need an old cotton dress for the lining, a sewing machine, matching thread, scissors, measuring tape, straight pins, 12" of 1/2" elastic, buttons and scrap fabric for the yo-yo's.
Yours is absolutely adorable. No more $60 vests for me... gonna make my own now. Thanks so much for the awesome idea.