Yep, that looks plenty dense enough ;) And try setting the cloth density to 0.0100-0.0150. That should be drapey enough ;). You can also lower the fold resistance slightly. It will create more, smaller folds where you need it. Set the Stretch damping to about 0.0020 so that it springs back after stretching and doesn't sag. And I normally set the Air damping very low or off. You can get away with about 0.0050 or so. The default is too high IMVHO.

Laurie