Will this dress be too long?

So I've just gotten my prom dress. It's red and frilly from the torso downwards, the only problem is that it goes just past my knee and I don't know whether or not that'll make me look shorter than my already 5"3 stature. I'd be wearing 4 inch heels which still don't help much. Opinions please, I need to know whether or not to get it shortened before it's too late. =]