Close, most of my cloth is blocked out over the body form using edit topology tool, which allows me to build a really low res base that drapes over the body really nice. From their its just a matter of moving, pulling and sculpting the folds....

His vest and shirt was re topoed in Zb minus the collars then brought into Maya where I extruded the collars then pulled back into Zb to shape it. From what I've seen the new Zb will allow to me to extrude inside ZB a lot easier so Maya wont need to be used for things that are a bit tricky to do in ZB as much...

I don't use much dynamesh or insert tools unless i'm just thumb nailing at work with forms or ideas. Once the form is there I just retop over it with clean topology and start the final.