I think it would look just fine. But, keep in mind that over a kilt you're not going to get that narrow-waisted Victorian profile, since the vest/waistcoat is going to have to also be going over top of the bulky fabric of the kilt. I don't think that will matter, but, it will not look exactly like the picture is all.
(Either way, I don't think you need to worry about being mistaken for a man. Most women even in pipe band uniform, even if boxy and ill-fitting, are usually identifiable as female.)
Here's tae us - / Wha's like us - / Damn few - / And they're a' deid - /
Mair's the pity!
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