Future project: convertible dress

I was surfing through some craft sites on Friday that I recently discovered and I came across this post by Rostitchery about a one seam convertible dress. I've seen dresses like these before and I've even come thisclose to buying a convertible scarf/top/skirt by American Apparel, mentioned in the comments of the post, at Cactus Flower in B-town, but I've never had any idea how to make an actual dress. I really want to make it now. It's very cute! All I need is a lot of cotton jersey fabric in a great color and I think I could make it quickly. Only I hope my machine can handle the knit and stretch of the fabric....