circle skirt question!

[malloryjochen.livejournal.com]

ok. i want to make a reversible circle type skirt. i know how to make the skirt and all. i dont have very much fabric though, and im low on money....
so i was wondering: could you just make the circle, and cut a slit in the middle and hem it? the slit is where your hips would go right on into. i don't want to cut a whole circle out, and put a waistband on. most likely there will be a zipper involved somewhere...
so what do yall think? would it work??
thanks and any input it appreciated!!
<3 mallory