Advice needed: is it possible to completely alter this dress?

Hello r/sewhelp! I hope this is the right sub for this question and huge apologies if not.

I have discovered this gorgeous 100% silk Italian made Paul Smith vintage dress in my mum's wardrobe. Sadly the sizing is bonkers (fits my hips really well but the bust squashes me flat!!) I'm also not a fan of the shape anyway.

I'm wondering if you guys can advise me before I make a fool of myself approaching a dressmaker - how possible would it be to use this dress and transform it into a style similar to the stock photo provided? I am not expecting it to have the gathered draping or the extreme thigh split, I mostly want the sweetheart neckline and off shoulder straps.

Is this something that can be done using the fabric from this dress alone? Seems a shame to waste silk on a dress that currently doesn't work!