So I bought it. And made it into a shirtwaist dress with a pleated skirt using this pattern:
And then I took the dress with me to New York and took a few pictures at the Highline Park:
The verdict? I love it. The fit on the bodice could have been a bit better in the shoulder area, but everything else about it is great. I did have some issues with the pattern though, the facings just wouldn't lie flat on the inside, but I'm not sure if that's because of a mistake I've made or because of a mistake in the pattern...
The dress is unlined and the fabric is pretty lightweight with some body to it, so it's perfect for warmer days, even if it had sleeves. I'm planning to make a second version of this in a lightweight chambray and give it a gored skirt instead of a pleated one.
Let's face it: you're never too old for clotheslines and underwear-stealing owls.