If I were doing this, I would put the camera on a tripod, and I would photograph the model in position wearing whatever type of garment it takes to make that lace up. Then, I would photograph her nude, while in the same position as the clothed image.
I would make sure her arms and body were in the same relative position by critical placement of C stands at the elbows, which she would rest her arms on, and markings on the floor for her feet. The position of the hands would be determined by the garment, and wouldn’t be critical in the composite, as long as the arms from the nude image met the wrists of the clothed image.
I would outline the laces and the eyelets for one mask, and I would outline the opening of the garment, which would reveal the shadows on the skin. I might pick up the cast shadows from the eyelets and lower lacing from the original photograph, or I might make my own shadows in post. That would depend on the level of texture in the garment.
I would probably use the dimension of the garment edges to create depth on the skin edge, simply by blurring away the texture in a mask on a curve layer.
The more texture in the garment, the more difficult the blends would be. If you have a choice in garments, you should opt for the smoother garment.
Your final masks should look something like this…
I’m sure there are a lot of different ways to accomplish this task; this is simply the way I would do it. It’s not the right way, and it’s not the wrong way.
Edit... I didn't put a mask in for the hands, I assumed that one would be understood.