This dress reminds me so much of my favorite dress ever that I made in '88 or '89. Mine however did not have all of the pleating on the skirt (I always tried to "play down my hips) I did, however sew buttons on the top, but made certain to strategically place the buttons so that I wore it almost (but not quite) that low cut.
I would definitely use an old sheet to experiment with the pleating on the skirt. All of this is pleating - no darts involved. The design of the dress is gorgeous, the execution as presented is not. The way the front button placket is pulling to one side at the bottom front of the skirt and the weird pulling at the bottom of the back of the skirt would have driven me nuts to wear back then and I'd have been in my 4-1/2" stilettos taking tiny steps.
The resulting fit of the skirt is that of a pencil skirt.
The dress I made had working buttons and buttonholes all the way up the back, from the bottom of the skirt to the collar stand. Sorry I can't even remember which of the big four made the pattern, the now "vintage" pattern would have been an excellent starting point.
One other thought, I bought an issue of Threads magazine a few years back that featured an article on bias cut dresses. I feel very certain the fabric is a very drapeable woven and the skirt is cut on the bias. Whatever factory that produced this dress did so without appropriate expertise on working with bias cuts. This explains the way that it hangs "wonky". It is cut on the bias so that the woven fabric would cling across the bum in back and would narrow underneath the bum. The "give" of the bias fabric would make it easier to walk in. Also explains why there's no back slit for walking ease. Woven fabric will "stretch/give" when bias cut instead of cut on grain.
If you're fairly new to all of this, it could get quite tricky, but then again, it would be an excellent learning opportunity. :thumbsup: