Overdying or Discharging?

     A friend of mine gave me this fabric the other day. It is crossing guard orange. So, since directing traffic isn't in my near future, I need to decide what to do with it. It has a slight glitter woven into it, and there are about 3.5 yards, so it is enough to make a dress out of. 
     I'm thinking about discharging or overdying it. Elizabeth did an excellent post about this awhile back here and here. I'm not really sure what I want to do to it at this point. I'll probably do a discharge soon just to see what it looks like.
    Has anyone done any discharging or dying, and do you have any tips? Otherwise, any ideas on what to do with this?