Well, I happen to have that dress to, and boy did V3 need some dusting........

I first scaled the dress X and Z to make it more tight. Then lowered it to make it rest on her chest / breast. There was some poke through, but that was not really a problem.
Next I did the whole clothify thing, set the offset and collision depth to 0.3 (cm?), and did a 5 frame drape. Not a sim, but just the "calculate drape" function. Then I constrained the dress as below, and ran the sim as usual, but with start draping from zero pose switched off and draping set to 0 frames.

The ruffles are caused by the resolution of the cloth and the use of quads instead of Delaunay tris.