Many thanks once again for all the helpful comments. 

After more re-working, I have managed to get a reasonably decent first Dynamic Cloth made by myself !  Heh heh !

What I did is somewhat mundane and technical, not artistic, as far as improvements go, and I have recorded those results in the Shade forum thread:

http://market.renderosity.com/mod/forumpro/showthread.php?thread_id=2648996

You may also see a render of the final version of the baggy shirt dynamic cloth.

 

Eternal Hobbyist