The Black & White Petticoat

We all know that a wardrobe begins with a good foundation, which is why I chose to start this blog with the Waugh's corset girdle (soon to be completed and I'll post about that soon).   I recently obtained a period petticat, or underskirt to what was listed as an "Edwardian Ballgown".  I'm not too certain about the "ball gown" part of that statement.  The silk itself is pretty- a grey-ish with black stripes.  But the underside looks as if it was hand-overcast in a real hurry by someone learning the process.  Look:

Then again, it could just be me being hyper-critical as this light-weight silk couldn't have been easy to work on.  I've been dismantling the piece and turning it into flowers:

But I'm torn about leaving it just as it is, trimming off the rough edge, giving it a new waistband, and wearing it as-is.  There really isn't a pattern to speak of, it's just two rectangles gathered in a bunch and given a wide hem.  I'm also thinking of using it to make a skirt or for a pair of bloomers.  If I make it a skirt, it will need an under-lining of some sort.  Perhaps a cotton flannel.  What do you think?