Haven't heard the term used for years but it was common in the 1950s. Sometimes used in a self-deprecatory way -
"I got myself all gussied up for the party and my date never showed up."
"All gussied up and no place to go!"

Here's a related (?) term - godet. A bias-cut piece of material - triangular in shape - inserted in a dress.
I had an evening gown of lace that had layered godets of "illusion" (very fine, thin and transparent kind of tulle) from just below the knees to the floor. It gave a full and feminine effect to the gown. Very pretty and it had a lovely flowing movement when I walked!