Here you go

http://forums.teamestrogen.com/showthread.php?t=15140

I've done it with a couple of my jerseys - my Bikejournal sleevless and my Amici Veloci sleevless. I practiced on the bf jersey (which I think is kind of uuuugly) before I dared try it on my precious AV jersey.

If you have a jersey that you don't care much about, try it on that one first.

Ironically, the bf jersey material was easier to sew than the AV jersey material, so the stitching on the bf jersey came out straighter. But you really can't tell from a couple of feet away.

The most tedious part is undoing the stitches to remove the elastic.

I have a fairly deluxe sewing machine - a Viking with a variety of stitches and a walking foot, which makes sewing slippery & stretchy fabrics a lot easier. (Lee & I got it back when we were sewing ripstop nylon kites. ). For the jerseys I fold over the hem a couple of times, pin or baste, and stitch a single row of a straight stitch meant for strechy fabric. Worked well.