For a baggy look, you must remember that for last years Saga outerwear, Mediums were the same size as this years, Large was 1" larger last year, meaning Large's measured approximately 35" last year.
For someone with the height of about 5'7, I would NOT recommend XL because:
1. You will look like a tool trying to fly in your wingsuit
2. It will be WAY below your knees
For this reason, if you want baggy, stepping down to L would be a good size. Even still I presume 35" would go to your knees.
In the end it's up to your look of choice.