The shoulders can be dealt with by a good tailor, but it means taking off the sleeves and resetting them, which is labor intensive which = more expensive. The waist part is easy, that's just taking in the side seam. Get a price from the tailor on doing both, and then make a decision about whether it's worth doing. If you otherwise like the coat, and the price for the tailoring is $75. or less, I'd say go for it. Almost any coat will need adjustments to the sleeve length or waist, and a properly tailored coat adds a lot of polish to your presentation.