This is not an existing effect, but it is an idea I had tonight while out at a party. If you've ever seen Danny Cole's opening effect, then you'll already know exactly what I'm talking about.
If you haven't:
Imagine you're at a party, and you're wearing a relatively simple costume. At any point during a conversation, you mention you were torn between two different costumes to wear. You bring out a window blind, step on the bottom, and pull it all the way up past your head, revealing an image of you in another costume. A few moments later, you let the blind fly up, revealing you now in the costume in the picture.
So yeah, that's Danny Cole's effect. Imagine being able to do it back and forth between two different costumes. Feasible? I think so.