But what do I have to offer?! I haven't been sewing long enough to be an authority and I'm not formally trained so I'm hardly going to tell you how to do technical things... There are, however, quite a few posts on the board on Craftster asking how to make different things reversible. And reversible I do know a bit about. You'd cry if I told you how many hours I've lay in bed trying to figure it out...
Will it work?
The first thing you should think about is whether it's an appropriate style. Some styles would just be too bulky to reverse, for example, if there are ruffles, pleats or a lot of gathered seams. These styles might not sit well in duplicate.
Another consideration is hem allowances, as the allowances for hemming garments is likely to be more than you need to make it reversible. For example, if you are going to make a simple elasticated a-line skirt reversible, and your original pattern accommodated more than an inch for your hem, when you attach your two skirts together at the hem to make it reversible, you won't need that whole inch. At the dotted fold line (the actual length of your skirt), add your seam allowance for attaching the two fabrics together, and that is your new cut line. The same goes for your waistband foldover / elastic channel. Start from your fold lines and add seam allowances to figure out your new cutting edges.
If you're making this type of clothing reversible, the excess at the foldover is redundant. Your dotted line is your actual finished edge, so start from there and add a seam allowance to accommodate stitching the two fabrics together. When you flip it right sides out, the dotted line will still be your finished edge.
I don't want to make this too much of a tome, so I'll do separate posts on the practicalities / technicalities of making things reversible soon. Apologies to the people who come for my scintillating chat and wit :)