One thing that you have to remember when converting a pattern to the round is that the wrong side stitches not only have to be switched from purl to knit, the direction in which you knit the stitches should be reversed, as well. That applies to the types of decreases you use.
A dec that is a slip, knit, pass slipped stitch over is a left leaning decrease. If you are supposed to do this on the back side as well, it would appear as a right leaning decrease on the front. If you’re working in the round, you have to convert the dec to a right leaning one, like k2tog.
Your directions for the rows confuse me, though, because one has a double dec and one has a single dec. Which is correct? Or is this the way the pattern is written?
You also have to consider that the panels of your dress start and end with 8 stitches, so you’d have to accommodate these at the beginning and half-way point so you’d start with k8, work the pattern, k16, work the pattern, k8 in order to get the same look.
You should also decrease a stitch from each side of each panel, a total of 4 to account for the seam allowance in the flat pattern.
Your row 1 pattern st would be k8, yo, skp and your row 2 pattern st would be yo, kXtog (2 or 3 depending on whether it’s a double dec or not).
I’d say overall that this isn’t the easiest pattern to convert to the round. I think a couple of seams would be easier.
You could try it on a swatch without having to cast on all the stitches, though.