I've never done it, but it's hard to imagine it coming out the way you'd want it. My experience with glitter glue in general is that it never dries as glittery as you want it to be, and it does tend to come off of anything flexible (like fabric) unless you use a very thin layer, which isn't going to be very glittery.
Personally I kind of like the way the crystals add a little weight to the skirt, as it seems to hang better. Some people use a fabric pen to draw a line on the edge and then put crystals every half inch or so. It gives the same sparkly appearance with less weight. Or, sequins can be a good option.