If you are unable to do the "open shirt" type of binding because of size or comfort I think your idea of the blue fabric is going to look the best.
Plus, you could even paint it and use it as a base to make those hooks that grab into the skin !
Disclaimer : This post written by a Grumpy Old Man
Actually in the pipes:
- Remaking Ser Loras doublet.
- Luke Skywalker, A New Hope
- Wind Waker starter costume in swim material
Eventually: Paul from Dune, Faramir, Harry Sullivan