OMG THAT IS AMAZING!!! Loooooooves. I so want him!! Only in red because Elmo is my fave, but your Cookie Monster is soooooooooooo cuuuuuuuuuuuuuuuuuuuuute!!!
You could always sew a small triangle piece of fabric between the bust to help with the falling out. Or you could wear a thin chemise/tank top underneath.