First, you can absolutely swordfight in a dress. Some dresses are great to swordfight in, and some are not so great.
Let's look at a classic: Cinderella's dress.
The problem isn't volume...it's length.
I have done both of these things, and let me tell you, I did not look dashing or escape unscathed.
Seriously, that spindle is the least of your problems, girl.
(This is why Jasmine's outfit sucks to fight in even though she wears pants. Good luck moving your arms in those sleeves.)
Puffy or dangly sleeves are okay so long as they don't dangle too much on your wrist or forearm, in which case circular motions can wrap them around your arm.
(Like, Ariel, you'd better still have gills, because your waist is only slightly larger than your neck, here.)
(This goes for all the guys you see fighting with all kinds of crazy gear hanging off them, too.)
Full mobility sleeves without too much dangly stuff
No floor-length skirts (or train, ugh)
No cloak (doff it for effect!)
Poofy skirts fine (but not in heavy underbrush)
Corsets fine
((And, uh, hey, if you like fabulously dressed women having adventures, you might also like my book amazon.com/Tethered-Mage-…))