Well... Ed Hardy and drop crotch chinos are not going to get you love round here, but if you like them, you like them! And If you are a self-confessed guido, then what's there to worry about?
RE the massive chest thing, I see your problem; if you don't wear something tight, then you could just end up looking fat or whatever. I don't really think most of the style advise on here will be for you.
If you wanted to try to change your style a bit, I'd say start wearing block coloured t-shirts rather than ones with designs, and slim-fit trousers; these should make your legs look longer. Carrot fit might also be better than drop-crotch. Guessing the t-shirts will have to be tight, but having a subtle v-neck or crew neck will make you look like less desperate for attention.
You could also consider buying some nice shirts and getting them tailored to your frame? Might help you get a smarter look.
Hope that helps!