First I removed the bottom 6 inches or so. It had neat little rows of pin-tucks and would became a waistband for my new skirt. Next, I cut the body roughly two-thirds of the way up - the bottom portion would become the main skirt, while the top half (without the yoke/bib part) would be an extra mini-skirt-length layer underneath to reduce transparency. I cut flaps from the top of the back to create two pockets (don't you just love skirts with pockets? I know I do!).
Finally, I managed to break the zipper I intended to use while installing it. So I ripped that back out and decided instead to reuse the original button placket. I actually like that a lot better though, so it was a happy accident!
And rest assured that broken zipper didn't go to waste. I coiled it up on itself, stitching it down as I went, and attached a safety pin to the back to create a little rosette brooch.