In the end it didn't take that long at all. Most of the work was carefully unpicking the ruffle at the buttom of the child's dress.
Then I measured and sewed in ruffles to fit round my neck, added some black grossgrain ribbon from my bag of bits and pieces, and here's the result (click on images to enlarge):
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I think it came out alright, although it's not as bouffy as I would've liked. But it it transformed my plain black and white, floral, sleeveless top:
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