After reading this thread I figured I'd share what I've learned from making a bunch of one-evening skirts, becasue the difference between 'homemade' and 'handmade' is mostly in the finishing. First, cut your circle and then let the whole thing hang overnight before you hem. The bias edge stretches like crazy and if you hem it right away you'll end up with a wavy, uneven hem within a week. Drape it over a chair or a hanger, walk away, come back tomorrow. Second, shiny fabrics are unforgiving. Test your iron on a scrap first, and press from the wrong side with a press cloth, or you'll get shine marks you can never remove. Those fabrics also show every crease, so if you're sewing late at night, either press as you go or accept that photos taken at midnight will not do the skirt justice. Hem it with a narrow rolled hem or hem tape instead of a big folded hem, it looks way more store-bought.
On the waistband, don't skip the interfacing even if you're in a hurry. A floppy waistband makes the whole garment look cheap no matter how good the rest is. And for the radius, measure your waist, divide by 6.28, add an inch for the seam allowance, that's your compass setting from the corner of the fabric.
Last thing, and this is the part I wish someone had told me years ago: wear it anyway. I once made a dress my mother called 'interesting' and it became my favorite summer piece. People get wierd about handmade clothes for some reason, the fit is usally better than anything off the rack.