Here is a new design for the poncho, planning for a full-set of built-in folds. This mesh moves much better than the last, and is easier to create shape keys for.
It is based on the latest 1.1 model with the new casual suit, smoothed out to look like a body suit.
You can try the model yourself; though it will subject to a lot of changes (as usual).
http://www.geekopolis.ca/blender/wushu_kungfu/Poncho1_264a.blend