(http://i43.tinypic.com/2cfyypw.jpg)
More pictures and reasons why here:
http://dressdiary.blogspot.com/2008/01/florentine-gown.html#december_18
I usually cut my Italian bodices of that era somewhere between the natural waist and the underbust - on me that's right at the bottom of the ribcage on the front of my torso.
So - go ahead and cut - but do it bit by bit. Cut off 1", try it on, see how it looks. Continue until you get to a place where it looks right. :)
Before cutting out the main fabric for the bodice, why not do a mock up first?? Then the mock up in a cheapie fabric or with left overs be the guide to the desired fit!! Then that could be used for the actual pattern.
Just my 2 cents worth.
I think you've had your fair share of try-outs and mock-ups, and that it's time to cut the fabric. The fact that the shoulder straps doesn't "hug" your shoulders closely might not be the effect you desired, but it's perfectly period:
http://img.photobucket.com/albums/v31/operafantomet/renaissanceportraits/firenze1/bugiardini1525nga.jpg
http://smg.photobucket.com/albums/v31/operafantomet/renaissanceportraits/venezia1/vcarpaccio1505lisboa.jpg
For the most comfortable fit, cut the lenght of the bodice a handwidth above your natural waistline. How? Put your hand - minus the thumb - horizontal over your waistline, where your waist is at its absolutely narrowest. It will probably be a handwidth under your breasts. This will give you a most comfortable fit, and it'll also be very period looking for those High Renaissance dresses. You CAN make it longer, but as silverstah said - cut a small piece at the time, and see how it fits and feels.
When you're cutting, remember that the weight of the skirts will also pull the bodice down a bit.
I, too, like Laura's bodice length of "between the natural waistline and the underbust," but only you how much real estate you have to work with there! I'm very short-waisted, so on me, that waistline-to-underbust only amounts to a couple of inches when it's all said and done... so too much trimming, and the entire bodice would vanish (and then I wouldn't have anywhere to put my "assets." Ahem.)! I tend to go a *smidge* above my natural waistline--enough to give the *look* of a higher waist, but not so much it won't cover my bustline when finished. :)
I finally cut three inches off the bodice, one inch at a time. The most comfortable spot was exactly one hand width above my natural waistline.
You guys are made of WIN!
WOOHOO! Go you! :) I can't wait to see it! :)