There's so much you could do with this idea. Like Skeff said, rummage thrift stores. Reference costumes you've seen that you like, and then look for things you can alter to make them appear how you want or find patterns that you can do some altering on if you know how to sew. If you have a picture of what you mean by a cinched skirt, that might help in getting some ideas on how to make one. I think if you are going the way of the sky pirate, you won't want a long skirt. Something shorter, maybe with a pair of bloomers or boys knee shorts underneath it. I myself am a fan of shorts with the drapes and bustles of the Victorian gowns over them. As for hats, if you are going for a more feminine look, look at fascinators. There are some really cool looking ones out there and give you tons of options and ideas to go crazy. The worst thing you could do is limit yourself. Don't be afraid of color. The Victorians certainly weren't. You don't have to stick with browns, reds, and off-whites. Throw in some green, blue, orange, whatever color you want!
Oh, and for corsets, depending on what type you want to make, you can make one for around $30. It won't be a Victorian one, but that's about how much the base cost of the materials for the fashion type ones I make are. I've used a few in some steampunk pieces I've made/am working on. And they include full steel boning inside instead of plastic.
Unfinished steampunk costume (that I might turn into a steampunk cabaret showgirl): http://www.cosplay.com/photo/2868506/
(scroll through a few more pictures to see all angles of the corset)
Finished steampunk that has been complimented on by Abney Park! Woo hoo for them liking my friend's costume: http://www.cosplay.com/photo/2988119/
Again, if you scroll through the gallery you will see various angles of the costume. She's worn it to three conventions now, two A-kons and one Anime Blues Con, and constantly gets compliments on it and loves it. It's been tweaked over the last year, but we are very happy with where it's at.