Yes. Just buy new clothes. Even nice clothes (esp. suits and nice slacks) never look good after major alterations, and rebuilding things like jackets is very expensive. Tailors are artists and you don't want to go tto the lowest bidder. You get what you pay for. Also, you should keep your old clothes around because, like it or not, you will probably need them again after you put the weight back on.
I didn't lose THAT much weight -- my jackets are 52R, I'm now a 48-50R. Pants were 42, now 38-40. Yeah, I'm working on losing more, but if I lose enough to make a significant step down again, I WILL be buying new clothes.
I go to a place on Anderson Lane (between Burnet and I35). I forget the name, but I think they're Persian. Anyway, they are reasonably priced and good. They used to do W's clothes when he was governor.
I don't have a suggestion on tailor, but this is what I did during a weight loss. This assumes you really think you will continue getting smaller.
Take about half of your clothes to the tailor to be fixed. Have them do the minimum amount on the jackets to make them look decent but don't have them remade. Just wear these clothes.
When you lose another inch or so, take the other half of your clothes to be tailored and just wear those clothes.
When you lose more weight, buy new clothes.
The above is for dress clothes. For casual, just buy new stuff now, but don't buy much.
I second the buy new clothes suggestion. I lost about 75 pounds (50L to 44L, 44 waist to 36). I have a pretty good tailor, but the suits never look as good as new ones. I have a closet full of expensive suits that I won't get rid of, but will hopefully never wear again!