I made that dress back when that pattern wasn't "vintage," LOL. In fact, I think I still have the original pattern up in my sewing storage totes. It was one of the first dresses I made and it was really challenging at the time. I've since sewn many skating dresses, multiple Halloween costumes, holiday dresses and my wedding gown. I no longer fear this pattern, lol.
The fit was difficult because it doesn't have a zipper and the neckline was really low-cut. I'm not great at fitting patterns, but I noticed how much cleavage would show before I cut and raised the pattern neckline in front. That made the dress difficult to get into and out of because the opening was smaller. I didn't think to add a zipper. (Lessons learned)
The petals on the skirt are tedious to make. Each one had to be hemmed by hand. Today, we have sergers and edging machines, so that's something to consider if the instructions haven't been modernized. I remember that the petals were tricky to attach because they're each separate. I had to tack each one in place, then stretch the lycra to ease the non-stretchy skirt piece. It ended up being easier to hand-baste them and go over with the machine.
For some reason, I associate this pattern/skirt style with Peggy Fleming. I think she wore a similar dress at some point during the Olympics or in Ice Capades.
It really is a very pretty dress when done right - I'm sure you'll do a great job.
FWIW, I will always choose a Vogue, McCalls or Butterick pattern over Simplicity. I feel like Simplicity tries to make it foolproof, so they add tons of extra steps and stitch-and-trim efforts that the others don't include. I also feel that McCalls patterns fit better than Simplicity patterns.