I think it's cute, actually. Try to tie the waist tighter and puff up the dress above the tie to make it a little shorter. And I love it with the tights. :)
A lot of fabric on your petite frame, but if you really want to make it work, you're going to have to ditch the tights for a bare leg and chunky pumps(no stillettos). Put your hair in a high ballerina bun and red lipstick for a polished look