I love this mix of masculine and feminine and it would be a great look for New Years Eve. A blousey, oversized tuxedo shirt with a tutu skirt is both chic and fun - exactly what you want to accomplish on NYE.
For shoes, wear lace-up, peep toe oxford booties to keep the masculine/feminine theme. They will compliment the look really nicely. Wear simple jewelry because there is so much embellishment in the outfit.