Funny, that's what I was doing yesterday. I have this jersey: http://www.teamestrogen.com/products.asp?pID=20828
(Rosie the Riveter, if I messed up the link), and the elastic bottom winds up around my waist, thus driving me nuts. So after I washed it, I picked out the elastic, then rehemmed it, using a narrow zigzag stitch with a ball-point needle on my regular machine. (I don't have a serger anyway). I had hopes that a "lady's" cut would stay down but not all do. My team jersey I had to remove the elastic, but they only offered men's cut. Grumble.