The visible waistband is fine. Oftentimes the bodice was only whipped to the waistband, and on washday the skirt and bodice were taken apart and the bodice washed separately.
You could add a plain white collar and cuffs to this to dress it up a bit if you wanted to. Just not Battenburg lace -- that came later.
If those buttons down the front are plastic, you'll want to replace them with shell buttons. You can order them from
www.homesew.com.
Zou