Should it stay or should it go?

how it looks on 

For this one, your verdict is a must, in more than one way. 
An interesting dress I think, in construction and details. Needless to say my husbands dislikes it and thinks it's unflattering on me. 
Of course, he's a man,  yet sometimes he is right. The question is: is he right in this instance?...
In terms of fit, the dress is roomy in the top/bust and very narrow on the hips. The waist is not fitted and looks odd without a belt. The sleeves have a "weird" but wonderful (to me) shape and are rather very long.
When I first put it on I thought :"nah...not for you, baby", then a few minutes later, after adding the belt (a modern one I had around), I totally warmed up to it. Of course the ribbon detail sewn into is a bit of a magnet and really makes the dress, together with the center panel, but does it do anything for me?! 
Over to you for the answer!

fabric close up

What is this fabric? It feels synthetic, as you can see it has a slight sheen in the light, it's quite warm on, medium weight, and has this raised grain which appears to be on both sides although more prominent on one side. Can you identify it? And if so, what type of cleaning is recommended? Also, can you recommend any books towards a crash course in fabrics? I''m getting every day more obsessed with accurately dating  my vintage, but that is simply not possible with my little knowledge of fabrics and fibers. Anything with pictured examples would do me a great deal of good, as I am a visual learner.

somewhat similar sleeve treatment

Speaking about dating vintage, which clearly is becoming compulsive in my case, I have researched the details of design in this dress, over a ten year span between 1928 and 1938, but with not great success. 
I couldn't find anything with similar ribbon detail sewn in, although I am sure I have seen it before?!
As for the sleeve detail, while I haven't necessarily found something identical, the above are close enough examples. It doesn't help a great deal with precise dating though. 
While the dress was bought as 30's/40's, I really don't believe this is a 40's creation. It's not 20's either, in spite of some details in the panels of the skirt to be found in 20's and early 30's dresses and skirts, and of the colored panel at the bust which fastens with metal poppers and is fashioned in a way not strange to 20's and earlier dresses.
But I do think this is a 30's dress through and through - except exactly from when? :)
I would be inclined to place it somewhere in the fist half of that decade, but is that correct?...
The shape seems pretty straight when hanging, not necessarily so once on, it really hugs the hips, while the waist looks somewhat loose and untidy without a belt. There are no side openings, so I expect a narrower waist would have made it impossible to put on. 
It has both machine and hand sewing, was it made once then altered to fit someone else? The hem is double, as if it's been taken up by simply folding it on itself. The front panel is backed in silk, while the rest of the lining present on the sleeves, a narrow portion on the upper back and a front panel on the skirt  - seems all synthetic, but I what sort of synthetic?...
Here are some details, maybe you can help.

detail inside and out

 Gosh I'm doing everybody's head again!  I just can help but be rather quite taken with this in spite of having  flaws (but I have too!:)). Anyway, will wait with very much interest your opinion!