Here are two examples of skintight dynamic.

One thing that you may have to take into account, which I did in the first image (which was actually the second one I did), is to tweak the "thickness" of the cloth.  In the case of the leotard, I selected vertexes around the neck and legs, and put them in the conforming group (meaning they follow the body, and don't distort like the dynamic group does).  Because they're acting like conforming clothes, they keep the rolled edge they were modeled with to fake thickness.