I'm a skilled seamstress, and I think it wouldn't be too hard to do the transformation, however, my concern comes with resale... If I eventually do decide I want to sell the garment, would this alteration make the resale value go down? Assume that the sewing is done flawlessly, or near perfect.
I would probably shorten the skirt a tiny bit and use lace from the removed top on the top of the corset part.
Into this style:
Thanks in advance for your opinions!