I have done a number of masquerades and won many awards for both workmanship and presentation, but I have never done a "skit." I've danced (not crappy JPOP dances, like actual dancing), and I've done pretty walk ons to either music or something for the MC to read.
Whether a masquerade is for you depends on the con. Some work more as skit contests (even if they have workmanship judging), and some work as a costume contest that hopes you do something interesting on stage. The only way to know which is which is to talk to people who've participated, but another pretty good indicator is how much time they give you to be on stage. Shorter might mean they care more about your costume, and longer might mean they care more about what you do onstage.
At the two masquerades I enjoy (Arisia and CostumeCon), the presentation is described as a place to give some context to your costume. For example: a Princess Tutu cosplayer with the ability might dance a classical variation. The judges tend to still see it as a costume contest first: How the costume looks on stage still counts first for the presentation award. Not every masquerade is like this though.
Luthien (The Silmarilion), Joffrey Baratheon (Game of Thrones) Lady Loki (Thor comics), Tevinter noble (Dragon Age: World of Thedas)
The Bitch (genderbent Hound, Game of Thrones)
youtube channel! Facebook Page