Bartenders back in the day had this problem solved. They wore sleeve garters to adjust the sleeve length on their one-size-fits-all dress shirts and to keep their cuffs out of the way while mixing drinks. These fabric-wrapped elastics are big enough to slip over your elbow while still snugly holding the shirt sleeve in place. Sounds perfect to me.
These also seem like they would be far more comfortable than using rubber bands or hair elastics, both of which tend to cut off circulation. Plus we're halfway to having this year's Halloween costume!
Here are a few places you can find them:
Stay classy, my fellow cooks!
(Image: Gentleman's Emporium)