Probably not. :-( The cloth simulation likes the mesh to be made of similarly sized squares, ideally. Obviously that isn't possible for most clothing models, but the closer you can get the better. Long, thin polygons, polygons with more than four sides, and self-intersecting mesh are all bad news.

On the other hand, I have had success with turned-back hems, and svdl does it all the time. I haven't had enough experience to be able to spell out rules for how they should be made, though.