yup, if i was getting drinks with friends or out for a semi-nice dinner with my bf. i wouldn't wear it to a cocktail party or something too fancy because of the material of the dress, though the cut works.
I would defintely wear that dress out to dinner and a movie with BF or drinks with the girls. Your outfit idea sounds very cute. I also like the idea of having lots of brighter colorerd accesories.
PS: I really like LA Made's cotton...it's nice and soft.