I will always align the way you did. The only solution would be to cut the white panel to match the upper line. If it wasn't lined up with the lower body contour, that would look even worse.
I will agree with Pete on the cut vinyl. I see you have a roland vp540, so why the single panel print?
The way you did it (if you had to use the "panel" print) is the only way it would look half way decent. It does look like a big magnet tho.