It looks a little tight on the arms are legs to me, the sleeves especially just seem to ride up and hang there. Maybe the jecket leght is a little short too, but where I live the fashion is towards the sort at the momement.
I have one in a 1980s cut. I bought it used from a charity shop for a 1980s themed fancy dress party. I wore it with a round neck T shirt, sun glasses and rolled the sleeves up. I went has Sonny Crockett
Yeah they do look a bit low set, I always feel the top button should be just about level with the breast pocket. The horizontal gap between the buttons buttons should be about 4.5 inches. Not sure about the peaked lapels though, people might mistake you for Norman Wisdom.
Not to worry, help is at hand. Whatever you want to do, the choice is up to you. The biggest piece of advice I could give you is not to rush out and buy everything all at once. Putting clothes together takes time and experience, it's not something you rush. Keep checking back on these forums, other Internet pages, magazines, TV, people in the street and see what they're wearing. Look at the cut of their clothes, look at their colour matching, look at the textures of...