I think the waistline is too high to pass for anything but 40s inspired (it is lovely, though).
To have a true 50s/New Look style, even if you eschew the full net petticoat, you need a dress structured, with the waistline falling on your natural waist chokes back the jealousy of somebody actually having a waist.
It's up to you whether you like the halter neck or sweetheart line, you can have mid length sleeves, but my mother got married in the 50s as a 17 year old and was the height of fashion in a light blue polka dotted, halter neck dress with a full, circle skirt (no net as it was too expensive, a white belt to emphasise her waist before it got eradicated by five children and flat ballet pumps for dancing.
She had a fur wrap lent to her by my grandmother, her hair was curled and put up loosely so it appeared much shorter than it was naturally and a small, white clutch bag.
Her aunts wore dresses more like your one.
Going through her wardrobe, every skirt and dress was full with a structured waistband falling on her natural waist. The alternative fifties wiggle skirt/blouse/etc was more towards the end of the 50s and associated with the slightly more 'forward' woman, IYSWIM. It's also a hell of a lot more restrictive if you're as fat as me you like to move around (although there are some lovely stretchy tops that would fit perfectly well with that style).