By my count, the corset has 12 (maybe 13?) sets of eyelets - and the 7th and 8th sets are closer together (typical of Victorian style corsets that laced separately from the top and bottom and tied together in the middle).
Frank's laces start at the bottom and tie off at the 2nd set of eyelets (the first is left unlaced); but there is no connecting lace between the bottom two eyelets so you'll want to cut and knot the ends before lacing up. Once you've adjusted your laces to fit I recommend tying a double-knot under the bow.
The corset - like most of Frank's wardrobe - looks distressed and worn. Some sequins have fallen off and left shiny glue remnants of their existence, and the original binding along the top edge (still visible down the center front and bottom) has been removed exposing the white lining and a slightly frayed edge. It also looks like some boning has been removed, though you can still see the channels. Judging by the way the fabric wrinkles, I think the only boning left in the corset is along the eyelets in the center front.
I have separate blog entries for my Research on the Sequins, Embellishing Frank's Corset and Frank's Corset Pattern (which I need to adjust the eyelet placements).