This is my favorite place for curtains:

http://www.saffronmarigold.com

I think this is a good plan and that it would look fine. You are after color, softness and texture, not privacy - so beyond a certain minimum size, it doesn't matter how wide the curtains are for functional purposes.

That said, 24" wide seem minimal to me. You should be able to find wider curtains for not much money at e.g. World Market, Pier One, IKEA, etc.

I like hanging curtain panels "high and wide" to maximize the light coming in through the window, and to make the window appear bigger. Helpful links:

http://www.apartmenttherapy.com/psa-hang-curtains-high-wide-elements-of-style-170163

http://www.sasinteriors.net/2011/11/the-right-and-wrong-way-to-hang-window-drapery-panels/

http://www.younghouselove.com/2009/06/email-answer-its-curtains-for-you/

Another website: younghouselove

When looking for window treatment options, I used google and found lots of great ideas that way. I know people here recommend houzz quite a bit.
I think what you propose sounds very pretty!

Good luck!

We currently have blinds on the three living room windows in our center hall colonial. The blinds are fabric -- a soft cream with a very light stripe pattern. Our walls are cream as well. While I like the blinds, the room looks a bit plain, so I was thinking about adding drapes. The windows are typical size for a 1935 colonial -- about 39" x 56" (including the frame).

Since we already have the blinds for privacy, I was thinking about just doing decorative panels for the drapes - maybe about 24" on each side (which actually would close, but is less than the recommended amount). I was thinking this would give a more streamlined look, but also save quite a bit of money.

Thoughts? Would this end up look really silly? Are there any tips and tricks to doing this in a way that looks best?