Answer:
Remove 'Y' and you do this with apparel. Remove 'E' and I am cautious.
A squiggly line tells you when you've done it wrong
What can be any size or shape and gets bigger the more you take from it?
Kids play it and Michelangelo sculpted with it.
Pointing North, South, East, and West it saves the lost and helps the rest. What is it?
What do you purposefully put lots of in and on your body, but run away from when you encounter it outside?