The shirt to wear with this look is an old shirt that you can cut off to meet the waist line of your high waisted jeans. I go for dirty white t-shirts with a stretched out or cut off collar. Simple stripes work well or a well worn in band t-shirt.
High waisted skin tight jeans are a must with this look ( as with any cropped jacket). I am always sure to have jeans that are not distressed as it keeps the look modern.
This look needs an ankle boot. A pair of heels is too delicate. I love red ankle boots. They work with everything and make it special. They are a perfect match to update the fringe jacket. I wouldn't wear a suede jacket with suede boots, and I wouldn't wear black boots with a black jacket unless they are very different textures. This look requires a sexy heel that is tall and slim to keep it feminine.