Treatment of the lower eyelid has, in recent years, become much more conservative. Overzealous excision of fat and/or skin often results in a hollowed-out appearance that accetuates the aged look. Excision of too much skin may deform the lower lid, and will give you a 'sad' appearance. I feel that the best method of correcting your problem would be placement of fat grafts in the area beneath the crepey skin. This not only will fill the hollow, but often gives the skin a rejuvenated appearance.
If you are averse to this, small amounts of Restylane or Juvederm can be placed in the dermis (deeper layers of the skin) with a very fine needle in a grid like fashion. This usually increases the tone of the skin. I would also augment the layer just superficial to the bone along the lower orbital margin and this will fill the area for about a year. The lower eyelid skin can also be tightened using either a mild chemical peel or laser, but I would be very conservative in your case.
