I think the result looks fine - I think better than the Fine Creek Leather The Nostar jackets with cut belt and epaulets...damn I think FCL did steal his idea
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The jacket was not "altered" in the proper sens of the term, they literally just chopped of the lace holders with a stanley knife FCL style! (you can see the side of the cut edge in your last pic)
To me an "alteration" would have been to unstitch them and restitch the panels leaving no sign they ever existed.
Cutting them off is IMO a slight "botch up"...
In the end, as long as you are happy with the result and mention it when you sell it on it's all good, but i don't think i would have bought it...