Yes you can have it done. I have a MTM suit that is back at the tailor right now because i had the same thing happen. I didn't ask what the whole process was but my guy wasn't at all hesitant about sending it back to get re-cut.
I have a suit from them and really like it. It fits very well, not a lot of tailoring needed at all. Good quality fabric and a nice cut make it one of my favorites. I go back to Saks every once in a while to check on others they have coming in. I think I picked it up for $360 or something so to me it was well worth it.
I would check out Nordstrom Rack if you have one near. I've found both AE's and others there for heavily discounted prices. Last week I picked up a pair of Santoni black captoe for $169 down from at least $350 if not more (haven't been able to track down the exact model)
I can't comment on any suits from them but I would also check out Marty Mathis. My suit from him just got in yesterday and I'm going in for a final fit next week.
Another good one to check out would be Judd Frost.
Go to Stephen Dean in Minneapolis. He's located in the Kenwood neighborhood which would be an easy taxi fare from downtown. He's by far the best tailor I've worked with here in Minneapolis. I'm sure he can help you out. PM me if you'd like more info on him.
I have a pair of black suede Merrill's slip on shoes that I wear up here in the tundra. I bring my shoes in a separate bag and put them on when I get in the office. I don't like fussing around with rubbers and this has worked great so far.