My mother-in-law had a lovely cotton lace skirt that had worn out in the waistline but was otherwise in beautiful condition. The fabric was so pretty that she thought I might be able to do something with it. I wish I had taken a photo of the original skirt as well as the process I followed as it turned out wonderfully, albeit a fraction too large as it was originally intended for her bigger sister.
The skirt started out as a large, lined, knee-length circle skirt with a ribbed stretch waistband. The lining and waistband were useless but the cotton lace was lovely, even though it was mostly on the bias. All I did was cut off the waistband following the same circular waist shape. I left all the side seams intact. However, I did cut down the centre-back so I could add a zipper to the dress I was planning. I then gathered the basically intact skirt, added a simple gathered lining and whipped up a basic bodice out of a scrap of pale blue linen I had on hand. There was only a skerrick of lace remaining so I added this as overlay to the back of the bodice. In the original skirt, the lace edges were left unfinished and slightly frayed, so I kept this feature in the dress too.
And this is the result, absolutely fabulous for swishing even if I do say so myself. Miss nearly-Four claimed the dress and I think her Nan was quite chuffed to see how her skirt had been repurposed.