The view on the model, or better yet, the one on the lower right with the lace overlay could very well work for this idea. The center front section could be modified to consist of a smocked insert. The size is right (I could easily pleat it) and the placement is as well.
Of course, the first step is to make a muslin to get the fit right, and to check the mechanics of the pattern to see if this idea will really work. Once that's done, then the hard part comes... choosing fabrics, threads, etc. I can see this done several ways.
1. White or cream solid cotton or polycotton smocked with a sweet geometric pattern with some delicate embroidery like bullion roses and lazy daisy buds and leaves.
2. Vividly colored solid cotton or polycotton with a striking geometric smocking design.
3. A softly colored cotton print with coordinating colored smocking and embroidery.
4. Soft voile or chiffon smocked with beads.
5. Silk dupioni or similar fabric smocked in silk and/or silk ribbon with beads.
I think this would be a really nice top. Depending on the fabric and smocking design used, it could be very casual and cute and suitable for work (with a jacket or sweater, of course) or it could be very elegant and romantic. As you can see, I've been thinking about this for a while. Now I just need to take some vacation time and get started.