Basically, this dress is shirred along both sides and center front and back.
Vogue pattern V8190 OR Simplicity 4480 (misses' bias evening dress) would be a good starting point since it's shirred at center front and back (just leave off the ruffles at hem and shorten as you desire - plus add a strip of fabric going up and over one shoulder).
I would definitely make a test version of this in inexpensive fabric first. One thing you could do is shirr the fabric first, then lay the pattern on it or estimate how much the shirring will shrink the dress and stretch the pattern appropriately. Either way, you'll need a basic strapless dress pattern. To "stretch" the pattern vertically about twice the original length, make 2 copies of the pattern & slice it horizontally into 1" strips, then lay the strips down in order alternating pattern1 pattern2 pattern1 pattern2 etc. and tape it together. After cutting it out and seaming it together, you'll have gather the fabric along the seams so that the length shrinks back to the original pattern's length. (that's what shirring is - basically, gathered fabric ... you can use a ruffler foot on your sewing machine or gather it by pulling a thread you've basted along the seam... ) Another option for the shirring is to use elastic thread in those seams (again, you've made the dress about 1.5 to 2 times the original length) and stretch the thread as you sew so that it springs up to the original shortness. If you do the elastic seams, then you're less likely to break the threads in the shirring when you sit down or pull on the dress to get it to sit where you want it.
For fabric, visit fabrics for less (it's on Sandy around 120th or something like that...) I believe they have a stretch lycra fabric with a silver finish. I think it would be best to make it from a stretchy fabric so that you can fit it to yourself more snugly. Don't use tissue lame - it shreds like you wouldn't believe and it would not survive shirring in one piece.
