I think you should definitely try it! Just don't spend a lot on fabric -- or alternatively make sure you could cut it apart and use it for something else if you don't like it.
I think my "infinity top" could only be worn as a surplice halter, one shoulder, and maybe a cowl neckline halter -- the straps weren't very long, and it a "back" connecting the straps rather than an additional tube of fabric worn over the bust. Here's the general idea:

- Infinity top.png (11.04 KB) Viewed 2181 times
The upper drawing is the overall shape of the upper pattern piece, and the lower drawing is the top shown in surplice halter mode. The red area is where the fabric is overlapped.
You might want to think about the length/width of the straps. Making them shorter or thinner might limit the versatility but might make the dress more flattering overall. I think the photo that goes with that pattern shows what I'm talking about a little bit -- the lower left blue dress, for example. The thick bundles of fabric make her look heavy around the waist.