I say go for it! I really like putting ruffles on quilts for babies and little ones. I use satin like fabric and the little girls just love the feel of that and they cuddle a little more with the quilt
I too recommend a ruffling foot. What i have had the most luck with it the birthing style to get the binding on the quilt. Once the I put the backing face up on the floor. Then i pin the ruffle on - facing in. Then I lat the quilt top face down and use the pins that I had in the ruffle to pin all of the layers together