LOVE THAT DRESS, but I agree that it would be better for skit day!!!! If you are 5'2", the length should be okay. The Red Dress boutique models are fairly tall and the site tells you how tall they are, which is helpful.
As for prefs., you can use the 2012 Greekchic as a guide (the 2013 guide is not out yet):
http://issuu.com/katgillan/docs/greek_chic_2012_final
And i realize this is the in-state rival, but Auburn panhellenic suggested these types of dresses for pref:
https://fp.auburn.edu/greek/recpicsprefcolor.jpg