And the lovely people at Simplicity have provided the perfect pattern:  Simplicity 1427!

If someone had told me a few years ago that scuba suit fabric would be so popular in ready-to-wear fashion, I would have rolled my eyes out of my head.  Neoprene (which I had never even heard of before last year) wasn't a fabric that I would have considered for everyday wear, unless you participate in water sports.  But the fact is that neoprene does indeed make really cute garments, especially dresses.
Since the fabric is thick and form-fitting, neoprene dresses and skirts are flattering and may even eliminate the need for Spanx!  And since many of them are reversible like the one I picked from Mood Fabrics, it also gives you the option of color blocking and interesting fabric placements.
This fabric is double-faced: red nylon on one side and gray heathered cotton jersey on the other.  It cut beautifully with a new rotary cutter blade.  After doing a bit of research, I knew I would probably be better off using the largest needle I had -- which is a Schmetz 100/16 jeans/denim needle and my regular Gutermann Sew-All Polyester All Purpose Thread.  I used a 2.5mm stitch and a 3.5mm for topstitching.  This is a non-fraying fabric and the seams could have been left as is, but I prefer a finished look.  So I serged mine.
I frankenpatterned this look and here are the patterns I used:  for the bodice I used OOP McCall's 5753.  This is a pattern that I found in my pattern cabinet that I've had for about 5 or 6 years.  I can't believe this pattern is OOP because it should be considered a classic since it offers 3 bodices variations, 3 sleeves, a sleeveless option, straight skirt with or without pockets and instructions to create your own belt.  I feel like I rediscovered a jewel!  I'll be using this one often from now on.  For my bodice, I choose the v-neck and I added an inch to the waist.  My sleeve started out as a 3/4 length, but I shortened it to above the elbow... for my own comfort.  I cut my normal size 14.  But I found that it was still a large and I had to take it in at the side seams.
For the skirt, I used McCall's 6842.  I used a slightly shortened version of view B.  I graded from the 14 to the 16.  I could've just stuck with the 14 only.  I also had to take in the side seams.  This is my first time cutting this pattern, so I don't know if my sizing issues is the pattern or the fabric choice since it was designed for a woven... so proceed with caution.
When I sewed the bodice to the skirt, I basted my zipper so I could try it on and check whether the fit would need to be refined.  It did.  My bodice still seemed a bit too loose and there was also gaposis, so I ended up pulling it in more at the center back.  I also used an exposed zipper with the tape on the outside.
This fabric does NOT take heat well.  I fought with those seams with my gravity feed steam iron, a seam roll and a clapper.  They were only going to flatten so much.  I noticed on RTW garments that they looked pretty much like mine.
In conclusion, I'm a new convert to neoprene.  Sadly, it's a very difficult fabric to locate.  Luckily, I have another yard left!  I love discovering a great pattern in my collection that has gone unnoticed for years!  It will now be my goto bodice!  And this skirt pattern couldn't be anymore adorable!  View D will definitely become a full midi skirt for this spring and summer!

Now, this pattern is rated "Average" by Vogue Patterns.  I would rate it "Advanced", due to the tricky fabric recommendations (i.e. georgette, crepe de chine and charmeuse).  These fabrics aren't exactly newbie user-friendly.  This is not to say a newbie couldn't handle them.  But they would take a lot more manipulation than cutting a regular woven fabric.

• Using lightweight fabric, cut circles twice the diameter of the snaps -- for both the male and female sides.
• Sew a row of running stitches close to the edge of the circle.  But DON'T cut your thread!  
• Punch a small hole in the center of the circle.
• Work the ball of the snap through the hole.
• Pull the thread to close the circle around the snap.
• And sew on to your garment.
• Repeat these steps for the other side of the snap.