You will need water soluble stabilizer for this project and thread. I've just finished the stitch out for all three pieces of the cape--two sides of the front (30 minutes each), and one for the back (60 minutes), and I've removed the stabilizer and am waiting for the pieces to dry.
The dress will take a little longer--the dress front (complete with darts to assemble after stitch out) takes 85 minutes on my machine, and the two back pieces will take about 80 minutes. Then, there is the trim and skirt, which are done separately. I'll let you know how it turns out.
So far, I am very pleased. There are hardly any needle jumps, which eliminates the need for trimming threads. The lace cape is really pretty. And my machine is doing a gorgeous job--so far!