How can I take hems up for a male suit?

The suit name is Knight and purchesed at Man to Man. The fabric composition is polyester and wool.

I need to mend each sleeve and hem. The hems between button side and bottom side are slightly round shapes so I have to find out the best way to do the mending. I also wonder if I tuck up these sleeves and hems in a right length, put an iron on to make them sharp edge and
do hand sew, it is OK isn't it.

It is first time for me to do the repairing for a formal suit so I can not do it as guessing. I would like to have some right advice for it.