Another trendy way to re-style a gorgeous saree is to design it into a wrap-around skirt. The pallu, if not too heavy, can be easily placed on the front of the wrap. But if the pallu is very intricate, then place the borders in parallel vertical panels on the front of the skirt.
A matching top can be stitched out of the body of the sari. If there is fabric left over from the saree, then design a long sherwani-styled jacket and wear it over the sleeveless top to evening parties.