Yes, more or less. In this case, though, I'm only using the cloth room to mold the fabric around the figure's body. After it fits, I'll take it back into my modeling application to add more detail, then turn it into a conformer.

As far as performance goes in the image above, I should also point out that I was using a relatively low-resolution mesh (~600 polys) at the time. As I continue making the item, I'll subdivide it to increase its polycount.