Tracing and cutting (avoiding the waist on my wrap skirt)

I can't resist the promise of Ottobre magazine. I have all but three (?) issues and am convinced that the garments are flattering and must be easy to sew. So I started tracing the wrap blouse from the Fall 2008 magazine, model #17, at yesterday's Seam Allowance studio time. I finished the tracing today and started cutting the fabric for a muslin. I've had the fabric for about five years, purchased from FabricMart for practically nothing. Well, this was before I started carefully bagging each piece of fabric and this one has tiny marks that look like ink spots. Fortunately, the yardage is sufficient and I can simply cut around the spots.
 
This is the fabric in question...it's quite slippery and when cut, sheds tiny fibers everywhere. I figure if I can sew a muslin from this, then the final garment will be a breeze.