Here's my take on this. A bit of a different approach, which gives more consistent results and I think is more beginner-friendly. I use a different software, but I will adjust the steps below to make it work in Adobe Photoshop.
First thing I did was duplicate the layer and select the latex...
I don't like to use the lightness slider on the hue/saturation adjustment layer. It can give very odd and unnatural results. Instead, I would recommend a Curves layer that looks something like this:
Other than that, I agree 100% with @Aakshat's response.
A quick go at it. This isn't by any means perfect, but given the nature of this meme, perhaps it's better that way.
By the way, thanks so much for choosing a hat image that already has the right perspective; some members don't think to do that. It's much harder to change the perspective of...
Also, I gave this job a try. Couldn't get it quite to a level I was happy with, and I haven't even started with the legs, but someone else can pick up from here if they'd like :)