don't get me wrong, if you're comfortable with the fit then you should keep it, but if not then it's an easy flip. I can't offer any advice on soaking the jacket for further shrinkage but i'm sure someone can chime in. I think it's really up to you what use you want out of the jacket. I've never viewed 3sixteen's type3 as the layering type. That is, they're perfect with just a tee or button up underneath but not with a hoody, unless that's what you're going for.
I've debated on picking this jacket up myself. I wear a large in the crosscut flannel and would be an xl in the type3, unfortunately, my funds are being diverted to other denim purchases.
Re-divert! LOL...Nah...thanks for the help. If I'm wearing a single long sleeve or a tee then it's definitely big and it shows.