Okay, so... First rule of homemade or last-minute costuming: Go with what you know or what you already have. Although, I personally don't think this guy looks anything like the Sausage-King of Chicago.
Here's your first hint, Popeye, Olive Oyl was skinny!
Here's your second: SO ARE SKELETONS!!! Gosh, some of ol' sailor-boy's preferences are starting to show.