Ooh, that looks like a gorgeous pattern!
I'll be interested to hear how the skirt works out; I want to make some full-skirted dresses at some point, but I'm not a huge fan of gathered waists, as I think they can add a lot of bulk just where I don't want it (particularly on an hour-glass-y pattern!), so I think either (part of a) circle skirt or maybe a gored skirt might be better.