This has actually been done for quite a while, but I've been lazy on getting this posted. This is the famous Vogue 8379 wrap dress. I made it in a matte jersey from Gorgeous Fabrics, and I lengthened the ties. I used the flutter sleeves from the Simplicity 4076 top without alteration, and they turned out great. I tried Nancy Zieman's sway-back alteration, and I think this is the version of that particular alteration that I like the best.
This still needs to be hemmed, but I've been toying with not hemming it (so lazy!).