Dress material help?

Hello, this is my first post to the community! To first introduce myself, I'm a long time lover of the fashion, but have only started building my wardrobe recently. Currently I only have a couple main pieces, and while I like to think I pretty well versed in where and what to get, I have the common problem of being a little short on money, so I'd thought I'd try to kinda refurbish some things I already have in my closet.

Only problem is, I'm not sure if the material of the dress I'm planning to fix up is appropriate for lolita, since I'm not familiar with fabric materials used.
Also since I'm a bit of a newbie in altering design/clothes, I'd like some advice before actually carrying the deed out.

Here's the original dress in question. It has a very cute silhouette and a lovely off white color, but as you can see, the dress is a little short for its lining, and the lace is obviously the cheap kind and sticks out kinda funny. I already have ideas how I can fancy it up, but my problem is that the fabric has a bit of a sheen to it?



Close up of the fabric, I think it's some kind of linen or brocade, kind of like the fabric you'd see on curtains or decorative pillows.


Anyways, if I do decide to fix of the dress, here's a quick drawing of what I had in mind:

(Pink lines are just what it would look like with a certain blouse i have) Lace trim near the collar, waist tie around the middle. I was thinking of scrapping the lining, and a wide scalloping for the edge of the dress and then making a underskirt with bows and frills.

Since I'm going for a classic coord, I think these details would suffice, but I wanted advice from you gals. Should I add more or take away some things???

I threw it together with some things haphazardly to get an idea of things, but at this point I can't really go on without knowing if the fabric is good or not haha;;


Thanks in advance for any advice/comment/answers~ uqu