I ended up with an XL standard tshirt and didnt want to deal with the bagginess. I decided to go with the ties on the side [which everyone has seen and knows how to do it]. But..although its simple, it's a cute revised way to wear a tee.
-cut in on sides as far as needed to fit correctly. [strips being about 1/2-1 inch].
-tie strips together making knots.
I also decided to revise the front.
-start at collar's center and cut down as deep as your wanting.
-make holes about 1 inch apart on both sides.
-run ribbon/string/lace corset-style through holes and tie.