Taking a little off the bottom....

I'm pretty positive this is possible in theory but I need a little more info before I attempt it in practice.

My second ribby, though my favorite of my two ribbys, is about 1.5 inches too long. I wouldn't care except that it bunches up or kind of rolls under at the bottom edge and looks really, really bad. I wish I had a picture but I'm sure you can all imagine this little sweater roll around my hips... not a good place for a sweater roll.

So how hard would it be to find the ends (beginnings??), pull out the stitches upwards to the length I want and then bind it off again? It wasn't knit in the round and I know this makes it more complicated but man, if I can do this, I think this will jump the ranks to being my favorite sweater ever.

Thanks for your knowledge!