That sounds like a fabulous plan. While working on a rounded form may not always be the easiest method, I feel it produces better results. (This way you get to see what all you're doing and how everything is going to work together.)
Are you starting with mock-up fabric or are you going to dive right in with the satin? Will you be trying to keep the drape/bustle section in one piece (less cutting=less work=happy girl because I'm inherently lazy), and getting the right effect with fabric origami? This is starting to sound like fun!
Short answer: Yes! Dummy good. Fabric drape right. Fire pretty.
Best of luck to you!

Fred